NEW YORK, Jan. 21, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of IBERIABANK Corporation ("IBKC" or the "Company") (NASDAQ: IBKC) in connection with the proposed acquisition of the Company by First Horizon National Corp. ("FHN") (NYSE: FHN). Under the terms of the acquisition agreement, IBKC shareholders will receive 4.584 shares of FHN for each IBKC share they own, representing consideration of $77.19 based on FHN's November 4 closing price.
If you own IBKC shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether IBKC's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, the per-share consideration is $14.81 less than the analyst target price of $92.00, and $4.67 less than IBKC's 52-week high of $81.86. Additionally, after the close of the transaction FHN shareholders will own 56% of the combined company, leaving the minority share of 43% to IBKC and its shareholders.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP