Lundy Law is investigating potential claims against the Board of Directors of Palmetto Bancshares, Inc. (“Palmetto” or the “Company”) (NASDAQ: PLMT) for possible breaches of fiduciary duty and other violations of law in connection with the proposed acquisition of the Company by United Community Bank (“United”). Under the terms of the proposed transaction, Palmetto shareholders will receive $19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each share of Palmetto common stock they own.
Among other things, the investigation concerns whether United is underpaying for the Company and whether the Board of Directors of Palmetto is achieving the best possible value for the Company’s shareholders. Palmetto stock has traded at up to $19.50 per share as recently as March 30, 2015, which is higher than the $19.25 per share price offered in the proposed transaction.
If you own shares of Palmetto common stock and wish to discuss the legal ramifications of the investigation, or have any questions, contact Lundy Law who will, without obligation or cost to you, answer your questions. For more information you may contact David Promisloff, co-counsel to Lundy Law directly at 1-800-LundyLaw, or visit https://www.lundylaw.com/press-releases/plmt/.
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