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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of LegacyTexas Financial Group, Inc. (“LegacyTexas” or the “Company”) (NASDAQGS: LTXB) to Prosperity Bancshares, Inc. (NYSE: PB) (“Prosperity”). Under the terms of the deal, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share, subject to certain conditions.
The LegacyTexas merger investigation concerns whether the Board of LegacyTexas breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Prosperity is underpaying for LegacyTexas shares, thus unlawfully harming LegacyTexas shareholders.
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