Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Pacific Premier Bancorp, Inc. (“Pacific Premier” or the “Company”) (NASDAQ: PPBI) with Opus Bank (“Opus”) (NASDAQ: OPB). Under the terms of the merger, holders of Opus common stock will have the right to receive 0.90 shares of Pacific Premier common stock for each share of Opus common stock they own. Following the merger, Pacific Premier shareholders will own approximately 63% of the outstanding shares of the combined company, and Opus shareholders are expected to own approximately 37%.
The Pacific Premier merger investigation concerns whether the Board of Pacific Premier breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether the merger undervalues Pacific Premier relative to Opus, thus unlawfully harming Pacific Premier shareholders.
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