The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of The Bank of Kentucky Financial Corp (NASDAQ:BKYF), was launched concerning whether the takeover of The Bank of Kentucky Financial Corp by BB&T Corporation for a value of $47.00 is unfair to NASDAQ:BKYF stockholders.
Investors who purchased shares of The Bank of Kentucky Financial Corp (NASDAQ:BKYF) and currently hold any of those NASDAQ:BKYF shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of The Bank of Kentucky Financial breached their fiduciary duties owed to NASDAQ:BKYF investors in connection with the proposed acquisition.
On September 8, 2014, BB&T Corporation (NYSE: BBT) and The Bank of Kentucky
Financial Corporation (NASDAQ: BKYF) announced the signing of an agreement under which BB&T will acquire The Bank of Kentucky in a cash and stock transaction for total consideration valued at approximately $363 million. Under the terms of the agreement shareholders of The Bank of Kentucky will receive 1.0126 shares of BB&T common stock and $9.40 of cash for each share of The Bank of Kentucky common stock. Based on BB&T’s 14-day average closing price of $37.13 as of September 4, 2014, shareholders of The Bank of Kentucky will receive $47.00 per share
However, given that following the takeover news shares of the Bank of Kentucky Financial Corp rose in the open market as high as $47.45 per share on September 12, 2014, the investigation concerns whether the offer is unfair to NASDAQ:BKYF stockholders. More specifically, the investigation concerns whether the Bank of Kentucky Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
The Bank of Kentucky Financial Corp reported that its annual Net Income rose from $11.67 million in 2010 to $19.77 million in 2013.Shares of The Bank of Kentucky Financial Corp (NASDAQ:BKYF) grew from $14.70 per share in June 2010 to as high as $37.96 per share in July 2013.
On September 26, 2014, NASDAQ:BKYF shares closed at $46.55 per share.
Those who are current investors in The Bank of Kentucky Financial Corp (NASDAQ:BKYF) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com