(TCF Alert) Johnson Fistel Investigates Proposed Sale of TCF Financial; Are Shareholders Getting a Fair Deal?

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Dec 15, 2020, 07:33 ET

SAN DIEGO, Dec. 15, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of TCF Financial Corporation ("TCF" or the "Company") (NASDAQ:TCF) breached their fiduciary duties in connection with the proposed sale of the Company to Huntington Bancshares Incorporated ("Huntington") (NASDAQ:HBAN).

On December 14, 2020, TCF announced that it had entered into a definitive merger agreement with Huntington. TCF shareholders will receive 3.0028 shares of Huntington stock for each share of TCF common stock they hold, implying a total consideration of $38.82 based on Huntington's December 11, 2020 closing price of $12.93. TCF shareholders will be subject to the future price fluctuation of Huntington's stock price.

The investigation concerns whether the TCF board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for TCF shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings growth. The 52-week high for TCF was $47.46.

If you are a shareholder of TCF and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP