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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Carolina Trust BancShares, Inc. (“Carolina Trust” or the “Company”) (NASDAQCM: CART) to Carolina Financial Corporation (“Carolina Financial”) (NASDAQCM: CARO). Under the terms of the deal, Carolina Trust shareholders will receive 0.3000 shares of Carolina Financial common stock, or $10.57 in cash for each share of Carolina Trust’s common stock outstanding, subject to election and proration such that the aggregate consideration will consist of 90 percent Carolina Financial stock and 10 percent cash.
The Carolina Trust merger investigation concerns whether the Board of Carolina Trust breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Carolina Financial is underpaying for Carolina Trust shares, thus unlawfully harming Carolina Trust shareholders.
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