SAN DIEGO, June 18, 2018 /PRNewswire/ — Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of CoBiz Financial Inc. (NASDAQ: COBZ) (“CoBiz”) breached their fiduciary duties in connection with the proposed sale of the Company to BOK Financial Corporation (NASDAQ: BOKF) (“BOK”). CoBiz provides various financial products and services in the United States.
On June 18, 2018, CoBiz announced that it had signed a definitive merger agreement with BOK. Under the terms of the agreement, CoBiz shareholders will receive $5.70 in cash and 0.17 shares of BOK common stock for each CoBiz share. The merger consideration is valued at $23.02 per share, based on the closing price of BOK Financial on June 15, 2018. However, shareholders will be subject to the future price fluctuation of BOK’s stock price.
The investigation concerns whether the CoBiz board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for CoBiz shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal price represents adequate consideration, especially given Wall Street analysts’ projections for CoBiz future earnings and revenue growth.
If you are a shareholder of CoBiz and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP