SunTrust Banks shareholder sues to block $66 billion merger with BB&T (lawsuits)

[citidata18]

https://www.bizjournals.com/atlanta/..._news_headline

[AnsleyPark]

On what basis does the complaint state that the transaction violates the 34 Exchange Act? These sorts of lawsuits very seldom get traction.

[citidata18]

Originally Posted by AnsleyPark

On what basis does the complaint state that the transaction violates the 34 Exchange Act?

According to the articke, it states SunTrust hasn't disclosed all of the relevant information to their shareholders about the merger so they can make an informed vote.

[AnsleyPark]

Originally Posted by citidata18

According to the articke, it states SunTrust hasn't disclosed all of the relevant information to their shareholders about the merger so they can make an informed vote.

Ah, thanks. I couldn't read the article (paywall). The allegations of non-disclosure are interesting. Consider that the merger agreement is publicly filed, the proxy statement is approved by the SEC and publicly disseminated. The shareholders know the consideration that they will receive. Cannot imagine what relevant info was not disclosed.

[citidata18]

Originally Posted by AnsleyPark

Ah, thanks. I couldn't read the article (paywall). The allegations of non-disclosure are interesting. Consider that the merger agreement is publicly filed, the proxy statement is approved by the SEC and publicly disseminated. The shareholders know the consideration that they will receive. Cannot imagine what relevant info was not disclosed.

Like you said, it's quite possibly just a stall tactic by an activist investor. They've filed several lawsuits arguing against the merger recently.

I would love it if they prevailed though.

[Atlwarrior]

They will settle and be release from future lawsuits with shareholders and the merger will continue.

[Need4Camaro]

I personally doubt this will gain traction.

Originally Posted by AnsleyPark

Ah, thanks. I couldn't read the article (paywall). The allegations of non-disclosure are interesting. Consider that the merger agreement is publicly filed, the proxy statement is approved by the SEC and publicly disseminated. The shareholders know the consideration that they will receive. Cannot imagine what relevant info was not disclosed.

To get around pay-walls or adblocker blocks, press the "stop" button on your browser as SOON as the content loads.. if you time it quickly enough the script behind the paywall won't have enough time to initiate and will be unable to block you from the content.

[arjay57]

Originally Posted by AnsleyPark

Ah, thanks. I couldn't read the article (paywall). The allegations of non-disclosure are interesting. Consider that the merger agreement is publicly filed, the proxy statement is approved by the SEC and publicly disseminated. The shareholders know the consideration that they will receive. Cannot imagine what relevant info was not disclosed.

I will have say, though, Ansley, I can barely make heads or tails of those SEC technical documents. They are pretty impenetrable to the lay person. It would be nice if they put out a simplified plain English version that says what's going on and why in terms that average person can understand.