News Column

Former SEC Attorney Willie Briscoe and Powers Taylor Open Investigation on Merger with Yadkin Financial

February 2, 2014

Securities litigation firm of Powers Taylor LLP announced that it and Former United States Securities and Exchange Commission attorney Willie Briscoe are investigating potential claims against the Board of Directors of VantageSouth Bancshares, Inc. related to the merger with Yadkin Financial Corp. for shareholders. According to a release, under the terms of the definitive merger agreement, valued at approximately $299 million , VantageSouth shareholders will only receive 0.3125 shares of Yadkin Financial for each share of VSB stock owned. The VantageSouth investigation centers on whether VantageSouth's Board of Directors is acting in the shareholders' best interests, whether the board is properly considering the proposed price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction. Based on Yadkin Financial's closing price the day prior to the buyout announcement, the implied value to VantageSouth shareholders is only approximately $5.40 per share, which is well below VSB's 52-week high. In addition, at least one analyst with Yahoo ! Finance estimates that the true inherent value of VantageSouth may be as high as $6.50 a share. 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. ((Comments on this story may be sent to ))

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