On or around 06/05/2017 (Other)
Filing Date: December 20, 2016
According to the Complaint, on August 18, 2016, Cardinal and United jointly announced that they had entered into a definitive agreement (the “Merger Agreement”) pursuant to which United would acquire Cardinal in a stock for stock transaction. Pursuant to the Merger Agreement, United will acquire all of the outstanding shares of Cardinal for 0.71 United shares per Cardinal share (the “Proposed Transaction”). As of the date of the announcement, the per share consideration for Cardinal shareholders had an implied value of approximately $27.69 and the aggregate consideration was worth approximately $912 million.
The Complaint alleges the Proposed Transaction is the result of a defective sales process that, among other things, improperly favored United over other bidders interested in Cardinal and was tainted by conflicts of interest.
A consolidated complaint was filed on February 14, 2017.
This case was voluntarily dismissed on April 10, 2017.
Company & Securities Information
Defendant: Cardinal Financial Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: CFNL
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Henry Kwong, et al. v. Cardinal Finance Corporation, et al.