Faruqi & Faruqi, LLP Announces the Investigation of Sterling Financial Corp. (STSA) Over the Proposed Sale of the Company to Umpqua Holdings Corp. (UMPQ)
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 Sterling Financial Corp. (“Sterling” or the “Company”) (NasdaqCM: STSA) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Umpqua Holdings Corp. (“Umpqua”) (NasdaqGS: UMPQ) in a cash and stock deal valued at approximately $1.9 billion. Under the terms of the proposed transaction, Sterling’s stockholders will receive 1.671 shares of Umpqua common stock and $2.18 in cash for each share of Sterling common stock they own. The total value of the merger consideration, based on the closing price of Umpqua shares on September 11, 2013, is $30.52 per share. The premium is less than 15 percent, despite the fact that Sterling’s share price has been on a major uptrend year to date.
The investigation focuses on whether Sterling’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 Sterling’s shareholders.
If you own common stock in Sterling 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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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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