BALA CYNWYD, Pa., Sept. 22, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Citizens Republic Bancorp, Inc. ("Citizens" or the "Company") (Nasdaq: CRBC) relating to the proposed acquisition by FirstMerit Corporation. ("FirstMerit").
Under the terms of the transaction, Citizens shareholders will receive a fixed 1.37 shares of FirstMerit common stock for each share of Citizens stock they own. The transaction values Citizens at approximately $22.50 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Citizens for not acting in the Company's shareholders' best interests in connection with the sale process to FirstMerit. The transaction may undervalue the Company as price to EBITDA and revenue multiples are below comparable transactions. In addition, Citizens stock has a reported book value higher than the price being paid by FirstMerit.
If you own shares of Citizens stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions.? You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/480-crbc-citizens-republic-bancorp-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
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