Company files lawsuit to block Hancock-Whitney merger
Published: February 10,2011
GULFPORT — A company that holds stock in Whitney Holding Corp. is suing to block the bank’s acquisition by Hancock Holding Co.
A class-action lawsuit filed Monday by Realistic Partners accuses Whitney’s directors of acting in their own interests at the expense of shareholders and of preventing investors from making an informed decision about the proposed $1.5-billion deal.
The boards for the parent companies of Hancock Bank and Whitney National Bank approved the stock-for-stock transaction in December.
A Hancock spokesman said the company doesn’t comment on pending litigation. A Whitney spokeswoman didn’t immediately return a call seeking comment.
The agreement between Gulfport, Miss.-based Hancock Holding and New Orleans-based Whitney Holding awaits regulatory approval.
During the financial crisis, Whitney received $300 million from the federal government’s Trouble Asset Relief Program, or TARP.
The lawsuit says Whitney remains a “strong company with the potential for greater growth,” yet its directors agreed for it to be purchased by Hancock “on the cheap.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Ex-MDEQ leader Fisher joins Butler Snow
- Gulf oil rig explosion kills one worker, injures three
- Federal appeals court: State's abortion law is unconstitutional
- Can Metrocenter rise from the ashes? Again
- Former MDEQ Executive Director Trudy Fisher joins Butler Snow
- Prescott leads field for Conerly Trophy as state's best football player