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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Presidio Bank (“Presidio” or the “Company”) (OTC: PDOB) to Heritage Commerce Corp (“Heritage”) (NASDAQ: HTBK). Under the terms of the merger, shareholders of Presidio will receive a fixed exchange ratio of 2.470 shares of Heritage common stock in exchange for each share of Presidio common stock they own.
The Presidio merger investigation concerns whether the Board of Presidio breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Heritage is underpaying for Presidio shares, thus unlawfully harming Presidio shareholders.
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