An investor in HF Financial Corp. (NASDAQ:HFFC) filed a lawsuit against the takeover of HF Financial Corp..
Investors who purchased shares of HF Financial Corp. (NASDAQ:HFFC) and currently hold any of those NASDAQ:HFFC 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 NASDAQ:HFFC stockholders by agreeing to sell HF Financial Corp too cheaply via an unfair process to Great Western Bancorp, Inc
On November 30, 2015 Great Western Bancorp, Inc. (NYSE: GWB) and HF Financial Corp. (NASDAQ:HFFC) jointly announced the signing of a merger agreement pursuant to which Great Western Bancorp, Inc. will acquire HF Financial Corp., the holding company and parent of Home Federal Bank (“Home Federal”) in a cash and stock transaction valued at $19.70 per share or $139.5 million in the aggregate, using the closing price of GWB stock as of November 27, 2015.
However, the plaintiff claims that the proposed consideration NASDAQ:HFFC shareholders will receive is grossly inadequate and undervalues HF Financial Corp. Indeed, at least one analyst has set the high target price for NASDAQ:HFFC shares at $22.00 per share. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:HFFC stockholders.
Shares of HF Financial Corp. (NASDAQ:HFFC) closed on January 13, 2016 at $17.30 per share.
Those who are current investors in HF Financial Corp. (NASDAQ:HFFC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego