DALLAS,
March 6, 2012 /PRNewswire/
-- Former United States Securities and Exchange Commission
attorney Willie Briscoe and the securities litigation firm of
Powers Taylor, LLP are investigating the sale of Encore Bancshares,
Inc. ("Encore Bancshares") (NASDAQ: EBTX) to Cadence Bancorp, LLC
for shareholders. Under the proposed going private
transaction, Encore Bancshares shareholders will receive
$20.62 in cash for each share of
Encore Bancshares/EBTX stock owned.
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If you are an affected investor, and
you want to learn more about the lawsuit or join the action,
contact Patrick Powers at Powers
Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost
or fee to you.
The definitive merger agreement
involves an all cash transaction with a total equity value of
approximately $250 million. The
deal is expected to close in the second half of 2012.
The investigation centers on whether
Encore Bancshares shareholders are receiving adequate compensation
for their shares in the buyout, whether the transaction undervalues
Encore Bancshares stock, and whether Encore Bancshares's board
attempted to obtain the highest share price for all shareholders
prior to agreeing to the deal. Although the acquisition price
represents an approximate 38% premium over the closing price of
Encore Bancshares shares the day prior to the buyout announcement,
Encore Bancshares shares closed as high as $15.17 per share as recently as March 1, 2012.
The Briscoe Law Firm, PLLC is a full
service business litigation and shareholder rights advocacy firm
with more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique
litigation law firm that handles a variety of complex business
litigation matters, including claims of investor and stockholder
fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
SOURCE Powers Taylor, LLP