SunTrust (STI) Alert: Johnson Fistel Investigates Proposed Sale of SunTrust Banks to BB&T Corporation; Are Shareholders Getting a Fair Deal?
SAN DIEGO- PRNewswire —February 7, 2019
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of SunTrust Banks, Inc. (NYSE: STI) (“SunTrust”) breached their fiduciary duties in connection with the proposed sale of the Company to BB&T Corporation (NYSE: BBT) (“BB&T”).
On February 7, 2019, SunTrust announced that it had signed a definitive merger agreement with BB&T. Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. The per share deal value is $62.85 based on BB&T’s closing price on February 6, 2019. However, shareholders will be subject to the future price fluctuation of BB&T’s stock price.
The investigation concerns whether the SunTrust board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for SunTrust shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given that one Wall Street analyst has a $88.00 price target on the stock, The 52-week high for SunTrust was $75.08.
If you are a shareholder of SunTrust and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.