Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of CoBiz Financial Inc. (NASDAQGS: COBZ) to BOK Financial Corporation (NASDAQGS: BOKF). Under the terms of the transaction, CoBiz shareholders will receive 0.17 shares of BOK stock and $5.70 in cash for each share of CoBiz stock they own. Based on the closing price of BOK Financial Corporation on June 15, 2018, this represents a value of approximately $23.02 per share.
The investigation concerns whether the Board of CoBiz breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether BOK Financial is underpaying for CoBiz shares, thus unlawfully harming CoBiz shareholders.
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