Harwood Feffer LLP Announces Investigation of Sterling Financial Corp.
NEW YORK, Sept. 12, 2013
NEW YORK, Sept. 12, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is
investigating potential claims against the board of directors of Sterling
Financial Corp. ("Sterling" or the "Company") (NASDAQ: STSA) concerning the
proposed acquisition of the Company by Umpqua Holdings Corp. ("Umpqua").
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Under the terms of the proposed transaction, Sterling shareholders will
receive 1.671 shares of Umpqua common stock and $2.18 in cash for each share
of Sterling common stock. The value of the merger consideration as of
September 11 is $30.52.
Sterling President and CEO Greg Seibly has secured a role at Umpqua as
co-president, and other top level executives are expected to remain with the
newly-combined entity as well. In addition, the primary shareholders of
Sterling, Thomas H. Lee Partners and Warburg Pincus, each of which controls
20.8% of the Company's shares, have each leveraged their stakes and supported
the transaction in exchange for the ability to designate a member of the board
of director of the newly-formed company.
Our investigation concerns whether the Sterling board of directors is
fulfilling its fiduciary duties, maximizing the value of the Company,
disclosing all material benefits and costs, and obtaining full and fair
consideration for Company shareholders.
If you own Sterling shares and wish to discuss this matter with us, or have
any questions concerning your rights and interests with regard to this matter,
Robert I. Harwood, Esq.
Daniella Quitt, Esq.
Peter W. Overs, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors
for many years, serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for
more information about the firm.
Attorney Advertising © 2013 Harwood Feffer LLP. The law firm responsible for
this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not
guarantee or predict a similar outcome with respect to any future matter.
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