STEVENSON, Md. -- (Business Wire)
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty to current shareholders of Virginia Commerce Bancorp,
Inc. (“Virginia Commerce” or the “Company”) (Nasdaq: “VCBI”) and other
violations of state law by the board of directors of Virginia Commerce
relating to the proposed acquisition of the Company by United
Bankshares, Inc. (“United”). The firm’s investigation seeks to
determine, among other things, whether the board of directors of
Virginia Commerce breached their fiduciary duties by failing to maximize
shareholder value.
Under the terms of the proposed transaction, United will acquire 100% of
the outstanding shares of Virginia Commerce in exchange for common
shares of United. According to the press release announcing the
transaction, the exchange ratio will be fixed at 0.5442 of United’s
shares for each share of Virginia Commerce, which equates to a deal
value of $14.00 per share. The transaction is currently being valued at
approximately $490.6 million.
If you currently own common stock of Virginia Commerce and would like to
learn more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or cost to
you, attempt to answer your questions. You may contact Brower Piven by
email at hoffman@browerpiven.com,
by calling (410) 415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys
at Brower Piven have combined experience litigating securities and other
class action cases of over 60 years.
Contacts:
Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles
J. Piven, 410-415-6616
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation