STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Valley Financial Corporation (“Valley” or the “Company”) (Nasdaq: VYFC) relating to the proposed buyout of the Company by BNC Bancorp (“BNC”).
On November 17, 2014, BNC and Valley announced the signing of a definitive agreement pursuant to which BNC will acquire all of the common stock of Valley in a stock transaction valued at approximately $101.3 million.
Under the terms of the transaction, Valley shareholders will receive a fixed price of $20.50 in BNC common stock for each share of Valley they own, based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger. The transaction is expected to close in the second quarter of 2015, though Valley shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether Valley’s Board of Directors failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Valley and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.