WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Xenith Bankshares Inc. (“XBKS” or the “Company”) in connection with the proposed acquisition of the Company by Union Bankshares Corporation (“Union”). Under the terms of the agreement, the Company’s shareholders will receive 0.9354 of a share of Union for each XBKS share they own, representing consideration of $29.67 based on Union’s May 19 closing price.
WeissLaw is investigating whether XBKS’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $31.00 per share. Additionally, the consideration price is lower than the Company’s 52-week high of $30.13, and offers a meagre 10.4% premium over XBKS’s May 19 closing price.
Finally, the acquisition is a strategic transaction which, according to Union’s President and CEO, will “position [Union] as a stronger competitor against large regional institutions and smaller banks alike- making [Union] the pre-eminent community bank in Virginia.”
Given these facts, WeissLaw is investigating whether XBKS shareholders will obtain their fair and proportionate share of the Company’s continued success and future growth prospects. If you own XBKS shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/xenith-bankshares-inc/