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If you purchased shares of Pulaski Financial Corp (NASDAQ:PULB) and currently hold any of those NASDAQ:PULB shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
December 04, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Pulaski Financial Corp (NASDAQ:PULB), was announced concerning whether the takeover of Pulaski Financial Corp by First Busey Corporation is unfair to NASDAQ:PULB stockholders.
The investigation by a law firm concerns whether certain officers and directors of Pulaski Financial Corp breached their fiduciary duties owed to NASDAQ:PULB investors in connection with the proposed acquisition.
On December 03, 2015, First Busey Corporation (NASDAQ:BUSE), the holding company for Busey Bank, and Pulaski Financial Corp (NASDAQ:PULB), the holding company for Pulaski Bank, National Association (announced the signing of an agreement pursuant to which First Busey Corporation will acquire Pulaski Financial Corp (NASDAQ:PULB) through a merger transaction and thereafter Pulaski Bank, National Association will be merged with and into Busey Bank. Under the terms of the merger agreement, Pulaski Financial Corp (NASDAQ:PULB) shareholders will receive 0.79 shares of First Busey Corporation (NASDAQ:BUSE) common stock for each share of Pulaski common stock. Based upon First Busey Corporations closing share price of $21.82 on December 3, 2015, the implied per share purchase price is $17.24 with an aggregate transaction value of approximately $210.7 million.
However, the investigation concerns whether the offer is unfair to NASDAQ:PULB stockholders. More specifically, the investigation concerns whether the Pulaski 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.
Pulaski Financial Corp reported that its Net Income rose from $8.06 million for the 12 months period that ended on September 30, 2011 to $11.03 million for the 12 months period that ended on September 30, 2014.Shares of Pulaski Financial Corp (NASDAQ:PULB) grew from $6.41 per share on September 2011 to as high as $17.25 per share on December 2, 2015.
On December 4, 2015, NASDAQLPULB shares closed at $16.95 per share.
