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Investors who purchased shares of First California Financial Group, Inc. (NASDAQ:FCAL)
The plaintiff claims that the defendants breached their fiduciary duties owed NASDAQ:FCAL stockholders by agreeing to sell the company too cheaply via an unfair process to PacWest Bancorp.
On November 6, 2012, PacWest Bancorp (NASDAQ: PACW) and First California Financial Group, Inc. (NASDAQ: FCAL) announced the signing of an agreement and plan of merger whereby PacWest Bancorp will acquire First California Financial Group, Inc. for $8.00 per First California Financial Group, Inc. common share, or approximately $231 million in aggregate consideration, payable in PacWest common stock.
However, the plaintiff alleges that the $8.00offer is unfair to NASDAQ:FCAL stockholder and undervalues the company. In addition, the plaintiff says that the process is also unfair to First California Financial Group stockholders. Indeed, certain stockholders of First California Financial Group, Inc., including all current directors and certain other stockholders, owning or controlling approximately 22% in the aggregate of the currently outstanding shares of First California Financial Group, Inc., have already agreed to vote in favor of the transaction.
Those who are current investors in First California Financial Group, Inc. (NASDAQ:FCAL)
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