Rigrodsky & Long, P.A. Announces Investigations Of Whitney Holding Corporation BuyoutBy Avik, Gaea News Network
Friday, December 24, 2010
WILMINGTON (GaeaTimes.com) — Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Whitney Holding Corporation (”Whitney” or the “Company”) (Nasdaq: WTNY) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Hancock Holding Company (Nasdaq: HBHC) (”Hancock”) in a stock-for-stock transaction. Click here to learn how to join the action: http://www.rigrodskylong.com/news/WhitneyHoldingCorporation-WTNY.
Under the proposed agreement, shareholders of Whitney will receive 0.418 shares of Hancock common stock in exchange for each share of Whitney common stock they own. The value of a Whitney share would be $15.48 based on Hancock’s closing price on December 21, 2010 of $37.04.
The investigation concerns whether Whitney’s board of directors failed to adequately shop the Company and obtain the best price possible for Whitney’s shareholders before entering into the agreement with Hancock.
If you own the common stock of Whitney and purchased your shares before December 22, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.