December 09, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of HF Financial Corp. (NASDAQ:HFFC), was announced concerning whether the takeover of HF Financial Corp. by Great Western Bancorp, Inc. for a value of $19.70 per share is unfair to NASDAQ:HFFC stockholders.

The investigation by a law firm concerns whether certain officers and directors of HF Financial Corp. breached their fiduciary duties owed to NASDAQ:HFFC investors in connection with the proposed acquisition.

On November 30, 2015 Great Western Bancorp, Inc. (NYSE: GWB) and HF Financial Corp. (NASDAQ:HFFC) jointly announced the signing of a merger agreement pursuant to which Great Western Bancorp, Inc. will acquire HF Financial Corp., the holding company and parent of Home Federal Bank (Home Federal) in a cash and stock transaction valued at $19.70 per share or $139.5 million in the aggregate, using the closing price of GWB stock as of November 27, 2015.

However, given that at least one analyst has set the high target price for NASDAQ:HFFC shares at $22.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:HFFC stockholders. More specifically, the investigation concerns whether the HF Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Shares of HF Financial Corp. (NASDAQ:HFFC) closed on December 9, 2015 at $19.43 per share.