Talmer Bancorp, Inc.
TALMER BANCORP SHAREHOLDER ALERT - Andrews & SpringerLLC Is Seeking More Cash for Shareholders of Talmer Bancorp, Inc. - TLMR
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Talmer Bancorp, Inc. (NASDAQ: TLMR) (“Talmer Bancorp” or the “Company”) relating to the sale of the Company to Chemical Financial Corporation (“Chemical Financial”). On January 26, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Chemical Financial will acquire Talmer Bancorp in a merger in a deal worth $1.1 billion. As a result of the merger, Talmer Bancorp shareholders are only anticipated to receive $1.61 per share in cash and 0.4725 shares of Chemical Financial stock in exchange for each share of Talmer Bancorp. The total consideration Talmer Bancorp shareholders anticipate receiving is roughly $15.64 per share.
Our investigation so far has revealed that the consideration Talmer Bancorp shareholders are expected to receive is inadequate. Analysts at Yahoo! Finance have set a $20.00 per share median price target for Talmer Bancorp, which is approximately 27.8% more than what Talmer Bancorp shareholders are expected to receive.
Our Firm’s investigation so far has also discovered that the process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. As indicated by the Company, Talmer Bancorp’s President and CEO David T. Provost as well as Gary Torgow, the Company’s chairman, will join the board of directors once the merger is closed.