Partner Juan E. Monteverde of Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of CFS Bancorp, Inc. (CITZ)
Juan Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of CFS Bancorp Inc. (“CFS” or the “Company”) (NasdaqGM: CITZ) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to First Merchants Corporation (NasdaqGS: FRME) in a stock for stock deal valued at $114.7 million. Under the terms of the proposed transaction, CFS stockholders will receive 0.65 shares of First Merchants Corporation stock for each share of CFS stock they own, representing a value of approximately $10.49 per share. According to Yahoo! Finance, at least one financial analyst has set a price target of $15.11 for CFS.
The investigation focuses on whether CFS’ 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 CFS’ shareholders.
If you own common stock in CFS 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.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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