A lawsuit was filed for investors in shares of TCF Financial Corporation (NYSE: TCF) in connection with the proposed takeover and NYSE: TCF stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/06/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of TCF Financial Corporation (NYSE: TCF), filed a lawsuit against the takeover of TCF Financial Corporation.
Investors who purchased shares of TCF Financial Corporation (NYSE: TCF) and currently hold any of those NYSE: TCF shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: TCF stockholders by agreeing to sell TCF Financial Corporation cheaply via an unfair process.
Wayzata, MN based TCF Financial Corporation operates as the holding company for TCF National Bank that provides various financial products and services in the United States and Canada. On January 28, 2019, Chemical Financial Corporation (NASDAQ: CHFC) and TCF Financial Corporation (NYSE: TCF) announced the signing of an agreement under which the companies will combine in an all-stock merger of equals transaction. Under the terms of the transaction, TCF Financial Corporation (NYSE: TCF) shareholders will receive 0.5081 shares of Chemical common stock for each share of TCF Financial Corporation (NYSE: TCF) common stock they own; this represents a value of approximately $21.58 per share.
However, plaintiff claims that the proposed consideration NYSE: TCF shareholders will receive is grossly inadequate and undervalues TCF Financial Corporation. Indeed, at least one analyst has set the high target price for NYSE: TCF shares at $26.00 per share. TCF Financial Corporation reported that its annual Total Revenue rose from over $1.3 billion in 2017 to over $1.41 billion in 2018 and that its $268.63 million in 2017 to $304.35 million in 2018. In addition, the plaintiff alleges that the process is also unfair NYSE: TCF stockholders.
Those who are current investors in TCF Financial Corporation (NYSE: TCF) shares have certain options and should contact the Shareholders Foundation.
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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.
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