Energy News / Shareholders Foundation, Inc.

NASDAQ:LTXB Investor Alert: Investigation of Takeover of LegacyTexas Financial Group, Inc.

Via: ReleaseWire

Updated 11:30 AM CDT, Mon, June 24,2019

An investigation on behalf of investors of LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) in connection with the proposed takeover was announced and NASDAQ: LTXB stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 06/24/2019 -- The takeover of LegacyTexas Financial Group, Inc. is under investigation concerning whether it is unfair to NASDAQ: LTXB stockholders.

Investors who purchased shares of LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) and currently hold any of those NASDAQ: LTXB shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of LegacyTexas Financial Group, Inc. breached their fiduciary duties owed to NASDAQ: LTXB investors in connection with the proposed acquisition.

On June 17, 2019, Prosperity Bancshares, Inc. (NYSE: PB), the parent company of Prosperity BankĀ®, and LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) , the parent company of LegacyTexas Bank, jointly announced the signing of a merger agreement pursuant to which LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) will merge with Prosperity Bancshares, Inc. (NYSE: PB). Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity Bancshares, Inc. (NYSE: PB) common stock and $6.28 cash for each LegacyTexas share, subject to certain conditions. Based on Prosperity's closing price of $67.24 on June 14, 2019, the total consideration was valued at approximately $2.1 billion, or approximately $41.78 per NASDAQ: LTXB share.

However, given that at least one analyst has set the high target price for NASDAQ: LTXB shares at $45.50 per share and given that NASDAQ: LTXB shares traded as recently as September 2018 as high as $47.18 per share in the open market, the investigation concerns whether the offer is unfair to NASDAQ: LTXB stockholders. More specifically, the investigation concerns whether the LegacyTexas Financial Group, 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.

Those who are current investors in LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

For more information on this press release visit:
http://www.sbwire.com/press-releases/nasdaqltxb-investor-alert-investigation-of-takeover-of-legacytexas-financial-group-inc-1236876.htm

Media Relations Contact
Michael Daniels
1-858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com