NEW YORK,, April 23, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Colony Bankcorp, Inc. (NASDAQ: CBAN) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition of SouthCrest Financial Group, Inc. (Other OTC: SCSG).
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On April 23, 2021, Colony announced that it had signed an agreement to acquire SouthCrest for approximately $84 million. Pursuant to the merger agreement, SouthCrest stockholders will have the choice to receive either 0.7318 shares of Colony common stock or $10.45 in cash for each share of SouthCrest common stock owned. The deal is scheduled to close in the fourth quarter of 2021.
Bragar Eagel & Squire is concerned that Colony’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Colony’s stockholders.
If you own shares of Colony and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at investigations@bespc.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Melissa Fortunato, Esq.
Alexandra Raymond, Esq.
investigations@bespc.com
www.bespc.com