Kendall Law Group, founded by a former federal judge, is investigating the proposed acquisition of Financial Federal Corp. (NYSE: FIF) by People’s United Financial, Inc., in a $783 million transaction. According to the agreement, shareholders will receive $11.27 in cash and one share of People’s United. This values shares at $27.74 based on the closing price of People’s United on November 20, 2009, representing a 26% premium over the price of FIF stock that same day.
The firm’s investigation concerns whether the consideration to be paid to shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of the company since. Also, the investigation will focus on whether the Board of Directors may have breached their fiduciary duties in disregarding the shareholders’ best interests by not seeking the best offer before entering into the transaction. Financial Federal shares traded as high as $25.71 as recently as September 28, 2009.
If you are a current holder of FIF and would like additional information concerning this proposed transaction, including your rights, contact Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com. Kendall Law Group has substantial experience representing investors in mergers and acquisitions nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, federal judicial law clerk, in addition to experienced securities lawyers.
Tags: FIF, Financial Federal Corp., Kendall Law Group, NYSE: FIF, People'e United