Robbins Arroyo LLP: Acquisition of EverBank Financial Corp. (EVER) by Teachers Insurance & Annuity Association May Not Be in Shareholders’ Best Interests
Robbins Arroyo LLP is investigating the proposed acquisition of EverBank Financial Corp. (NYSE: EVER) by Teachers Insurance & Annuity Association. On August 8, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Teachers Insurance will acquire EverBank. Under the terms of the agreement, EverBank shareholders will receive $19.50 for each share of EverBank common stock.
Is the Proposed Acquisition Best for EverBank and Its Shareholders?
Robbins Arroyo LLP’s investigation focuses on whether the board of directors at EverBank is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
The $19.50 merger consideration is significantly below the target prices of $22.00 set by an analyst at Maxim Group LLC on October 29, 2015 and $21.00 set by an analyst at Keefe, Bruyette & Woods on January 29, 2014. In the last three years, EverBank traded as high as $21.18 on October 23, 2015, and most recently traded above the merger consideration – at $20.05 – on October 28, 2015.
EverBank shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.
EverBank shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.
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