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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Charter Financial Corporation (“Charter Financial” or the “Company”) (NASDAQGM: CHFN) to CenterState Bank Corporation (NASDAQGS: CSFL). Under the terms of the transaction, Charter Financial shareholders will receive 0.738 of a CenterState Bank share and $2.30 in cash consideration for each share of Charter common stock they own. Based on CenterState Bank’s price as of April 24, 2018, this represents a value of approximately $22.76 per share.
The investigation concerns whether the Board of Charter Financial breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether CenterState Bank is underpaying for Charter Financial shares, thus unlawfully harming Charter Financial shareholders.
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