Taylor Capital Group Inc (NASDAQ:TAYC) stock trading high


Dallas, Texas 07/16/2013 (Financialstrend) – Pomerantz Grossman Hufford Dahlstorm & Gross LLP, a law firm, has initiated investigation claims on Taylor Capital Group, Inc. (NASDAQ:TAYC) related to the proposed acquisition of the company by MB Financial, Inc. The investigation claim undertaken on behalf of the shareholders of Taylor Capital has been initiated to examine whether the company breached its fiduciary duties related to this sales deal. It is examined whether the Board of Directors of the company has taken effective steps to maximize the value to the shareholders through this acquisition deal.

The terms of agreement of the sales deal stipulated that the recent merger consideration will value the shares of Taylor Capital at $22.00 per share including the price of common stock, warrants, stock options and restricted stock cash outs. Once the merger is completed, the shareholders of Taylor Capital will be entitled to receive $4.08 in cash and 0.64318 shares of common stock of MB Financial. This combination will amount to an aggregate value of 81% common stock and 19% cash for MB Financial. It has also been proposed that the current CEO of TAYC and at least two members from the board of directors of the company will stay in the new company that will be formed after the merger.

Intraday range was from a low price of $21.05 to a high price of $21.72. Shares of Taylor Capital Group, Inc. (NASDAQ:TAYC) closed for the day at $21.20 recording an increase of 19.03%. The 52-week price range was from $12.97 to a high of $21.72. The stock opened at $21.42 on Monday with a market capitalization of $730.88 million and 34.48 million outstanding shares. With an institutional ownership of 25%, the trading volume for the day of Taylor Capital was 4.01 million and the average trading volume was 106,995.00 shares.

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