Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of TCF Financial Corporation (NYSE: TCF) to Chemical Financial Corporation (NASDAQGS: CHFC). Under the terms of the transaction, TCF shareholders will receive 0.5081 shares of Chemical common stock for each share of TCF common stock they own; this represents a value of approximately $21.58 per share. In addition, each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be exchanged for one share of newly-created Chemical preferred stock.
The TCF merger investigation concerns whether the Board of TCF breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Chemical is underpaying for TCF shares, thus unlawfully harming TCF shareholders.
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