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Kendall Law Group Investigates Center Financial Corporation Acquisition for Shareholders

^{Published on 2010-12-10 07:10:57 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating Center Financial Corporation (NASDAQ: CLFC) for shareholders in connection with the proposed acquisition by Nara Bancorp, Inc. The national securities firma™s investigation seeks to determine whether Center Financial and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Center Financial shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On December 9, 2010, the companies announced the definitive merger agreement under which Center Financial would be acquired by Nara Bancorp, in a transaction valued at approximately $285.7 million. Under the terms of the agreement, Center Financial stockholders will receive a fixed ratio of 0.7804 of a share of Nara Bancorp (NASDAQ: NARA) common stock for each share of Center Financial/CLFC common stock held. Using Nara Bancorpa™s December 9, 2010 closing price, the fixed ratio provides Center Financial shareholders with an implied value of $6.77 per share. According to Thompson/First Call, analysts have set a price target as high as $9.00 and as low as $7.00 per share for Center Financial stock. The firm seeks to determine whether the transaction provides proper value for the company.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.