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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Two BancorpSouth mergers delayed by federal inquiries
- Severstal selling plants, including Severstal Columbus
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- Moon River Foods creating 100 jobs in Mississippi Delta
- WILLOUGHBY: Broadband Voice founder Gary Watts isn’t afraid to take chances
- Communities awarded national Main Street accreditation
- Police find Attorney General Hood's stolen handgun
- Pickwick Pines settles lawsuit; pays $260K
- MSU sets new annual fundraising record of $106M-plus