INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Tower Financial Corporation (TOFC) Over the Proposed Sale of the Company to Old National Bancorp
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Tower Financial Corporation (“Tower” or the “Company”) (NasdaqGM: TOFC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Old National Bancorp (NasdaqGS: ONB) in a cash and stock deal valued at approximately $108 million. Shareholders of Tower Financial will receive 1.20 shares of Old National Bancorp common stock and $6.75 in cash for each share of Tower Financial common stock they own.
The investigation focuses on whether Tower Financial’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 Tower Financial’s shareholders.
If you own common stock in Tower Financial and wish to obtain additional information and protect your investments free of charge, please 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.