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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- Mississippi Film Studios signs contract with New Orleans company
- David Duval, former British Open winner, joins Sanderson Farms field
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90
- Board authorizes sale of company that owns Silver Slipper Casino