Harwood Feffer LLP Announces Investigation of Palmetto Bancshares, Inc. (PLMT)

NEW YORK, April 23, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Palmetto Bancshares, Inc. ("Palmetto" or the "Company") (NASDAQ: PLMT) concerning the proposed acquisition of the Company by United Community Banks, Inc. ("United Community")(NASDAQ: UCBI) in a cash-and-stock deal the companies value at approximately $240.5 million.      

Under the terms of the transaction announced on April 22, 2015, Palmetto shareholders would receive $19.25 in cash or .97 shares of United Community for each share of Palmetto, or a combination thereof.    The terms of the transaction limit to 30% the portion of Palmetto shares that will be purchased with cash.  Given United Community's 10-day average closing price through April 21, 2015, the transaction offers shareholders a weighted-average price of only $18.52 per Palmetto share.  This represents a transaction premium of negative 2.2% compared to Palmetto's April 21, 2015 closing price of $18.93.

Our investigation concerns whether the Palmetto board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company stockholders. 

If you own Palmetto shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Peter W. Overs, Jr., Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: povers@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

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SOURCE Harwood Feffer LLP