The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Intervest Bancshares Corporation ("Intervest" or the
"Company") (NASDAQ: IBCA) relating to the proposed buyout of the Company
by Bank of the Ozarks, Inc. ("Ozarks").
On July 31, 2014, Intervest and Ozarks jointly announced the signing of
a definitive agreement and plan of merger whereby Ozarks will acquire
all of the outstanding common stock of Intervest in a transaction valued
at approximately $228.5 million.
Under the terms of the transaction, each holder of outstanding shares of
common stock of Intervest will receive shares of common stock of Ozarks.
Thenumber of Ozarks shares to be issued will be determined based on
Ozarks' ten day average closing stock price as of the fifth business day
prior to the closing date, subject to a minimum and maximum price of
$23.95 and $39.91, respectively. The firm's investigation seeks to
determine, among other things, whether the Company's Board of Directors
breached their fiduciary duties by failing to maximize shareholder value
before agreeing to enter into the transaction, and whether Ozarks is
underpaying for Intervest shares.
If you currently own common stock of Intervest and would like to learn
more about the investigation being conducted by Brower Piven, without
cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at email@example.com
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
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