NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of West Coast Bancorp (“West Coast” or the “Company”) (NASDAQ: WCBO) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Columbia Banking System Inc. (“Columbia”) (NASDAQ: COLB) in a cash-and-stock deal valued at approximately $506 million. Under the terms of the proposed transaction, West Coast’s shareholders can elect to receive cash, stock or a combination of both. Aggregate consideration offered in exchange for all of West Coast’s capital securities consists of a fixed amount of cash totaling about $264.5 million and a fixed amount of Columbia common stock totaling approximately 12.8 million shares. Based on Columbia’s closing stock price of $17.95 on Monday, West Cost shareholders would receive a payment valued at roughly $22.56 per share, while according to Yahoo! Finance, at least one financial analyst has set a price target of $23.75 for West Coast.
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The investigation focuses on whether West Coast’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of West Coast’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in West Coast and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/WCBO or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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Source: Faruqi & Faruqi, LLP