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Briscoe Law Firm Investigates Whitney Holding Corporation for Shareholders Regarding Sale of the Company to Hancock Holding Com

^{Published on 2010-12-22 13:16:15 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of [ Powers Taylor LLP ] are investigating the fairness of the proposed acquisition of [ Whitney Holding Corporation ] (aWhitney Holdinga or aWTNYa) (NASDAQ: WTNY) by Hancock Holding Company (aHancock Holdinga or aHBHCa) for shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Whitney Holding for approving this transaction, whether Whitney Holdinga™s Board of Directors acted in the shareholdersa™ best interests, and whether the transaction provides fair value and adequate disclosures to the shareholders.

"Based on the low value to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Whitney Holding shareholders. This investigation is for the purpose of ensuring that the shareholders are receiving the maximum value for their stock"

The definitive merger agreement, which was announced on December 22, 2010, involves a stock-for-stock transaction valued at approximately $1.5 billion in which Whitney Holding shareholders will receive a fixed ratio of 0.418 shares of Hancock Holding common stock in exchange for each share of Whitney Holding/WTNY common stock they hold. The acquisition price reportedly represents a value of $15.48 per share to Whitney Holding shareholders, based on Whitney Holdinga™s closing price on December 21, 2010. However, Whitney Holding shares closed over $15.20 per share as recently as April 22, 2010, and Hancock Holding shares have experienced a series of sharp decreases in value over 2010. aBased on the low value to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Whitney Holding shareholders. This investigation is for the purpose of ensuring that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.

If you currently own shares of Whitney Holding/WTNY and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.