SAN DIEGO and ALLENTOWN, Pa., Aug.
18, 2015 /PRNewswire/ -- Shareholder rights attorneys
at Robbins Arroyo LLP are investigating the proposed acquisition of
National Penn Bancshares, Inc. (NASDAQ: NPBC) by BB&T Corp
(NYSE: BBT). On August 17,
2015, the two companies announced the signing of a
definitive merger agreement pursuant to which BB&T will acquire
National Penn. Under the terms of the agreement, National
Penn shareholders can elect to receive either $13.00 in cash or 0.3206 shares of BB&T
common stock for each share of National Penn they own.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/national-penn-bancshares-inc
Is the Proposed Acquisition Best for National Penn and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at National Penn is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $13.00
merger consideration represents a premium of only 18.2% based on
National Penn's closing price on July
17, 2015. This premium is significantly below the
average one-month premium of nearly 34.1% for comparable
transactions within the past five years.
On July 23, 2015, National Penn
reported strong earnings results for its second quarter 2015. Net
income for the quarter was $27.2
million, an increase of 3.8% over the second quarter of
2014. Additionally, National Penn beat consensus analyst estimates
for adjusted net income and sales in three of its last four
quarters. In commenting on these results, National Penn President
and Chief Executive Officer Scott V.
Fainor remarked, "We are pleased with the consistency of our
operating performance in this continued low interest rate
environment. The strength of our balance sheet continues to
position us well to manage capital and to create long-term
shareholder value."
In light of these facts, Robbins Arroyo LLP is examining
National Penn's board of directors' decision to sell the company
now rather than allow shareholders to continue to participate in
the company's continued success and future growth prospects.
National Penn shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. National Penn shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800)
350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP