Faruqi & Faruqi, LLP Answers Questions Related to the Proxy Filed with the SEC Related to the Acquisition of Encore Bancshares, Inc. (EBTX)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Encore Bancshares, Inc. (“Encore” or the “Company”) (NASDAQ: EBTX) for potential breaches of fiduciary duties in connection with their failure to disclose certain material information in the Preliminary Proxy (“Proxy”) filed with the S.E.C. on March 12, 2012 related to the sale of the Company to Cadence Bancorp LLC in an all-cash deal valued at about $250 million. Furthermore, the price for the sale of Encore is also under investigation. Under the terms of the proposed transaction, Encore stockholders will receive only $20.62 in cash for each share of Encore common stock they own.
Whether Encore’s Board of Directors breached their fiduciary duties to Encore’s stockholders by failing to disclose all material information in the Proxy, whether Encore’s Board of Directors failed to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Encore’s shares and by how much this proposed transaction undervalues the Company to the detriment of Encore’s shareholders are the key focus of this investigation.
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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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