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VIST Financial Corp. (NASDAQ:VIST) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties In Takeover

  • If you are a current investor in VIST Financial Corp. (NASDAQ:VIST) and purchased your NASDAQ:VIST shares prior to the announcement, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
VIST Financial Corp.
Security
NASDAQ: VIST

Case Name
VIST Financial Deal Case 05/17/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

May 22, 2012 (Shareholders Foundation) -- An investor in NASDAQ:VIST shares filed a lawsuit against members of the board of directors of VIST Financial Corp. to stop the proposed takeover of VIST Financial Corp. by Tompkins Financial for a value of $12.50 per NASDAQ:VIST common share.
The plaintiff alleges that the defendants breached their fiduciary duties to VIST Financial Corporation (NASDAQ:VIST) investors arising out of the attempt to sell the company too cheaply to Tompkins Financial Corporation

On Jan. 26, 2012, Tompkins Financial Corporation and VIST Financial Corp announced that they have entered into a merger agreement under which Tompkins Financial will acquire VIST Financial Corp. for a value of $12.50 per VIST common share or a transaction valued of approximately $86.0 million.

Following the takeover news NASDAQ:VIST shares jumped from $6.90 per share on Jan. 25, 2012 to $10.80 on Jan. 26, 2012 and continued to increase to as high as $12.25 per share on Feb. 8, 2012.

However, the plaintiff alleges that the $12.50offer is unfair to NASDAQ:VIST investors and undervalues the company. Indeed, VIST Financial Corp. has reported a book value of $17.80 per share for the most recent quarter.