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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Entegra Financial Corp. (NASDAQGM: ENFC) to SmartFinancial, Inc. (NASDAQ: SMBK). Under the terms of the transaction, Entegra shareholders will receive 1.215 shares of SmartFinancial stock for each share of Entegra stock they own; this represents a value of approximately $22.36 per share.
The Entegra merger investigation concerns whether the Board of Entegra breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether SmartFinancial is underpaying for Entegra shares, thus unlawfully harming Entegra shareholders.
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