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PacWest Bancorp

Merger

  • Date:
  • 7/25/2023
  • Company Name:
  • PacWest Bancorp
  • Stock Symbol:
  • PACW
  • Company Name - Buyer:
  • Banc of California, Inc.
  • Stock Symbol - Buyer:
  • BANC
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 7/25/2023

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NEW YORK, July 26, 2023 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of PacWest Bancorp (NASDAQ:  PACW) (“PacWest”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by Banc of California, Inc. (NYSE: BANC) (“Banc of California”).

On July 25, 2023, PacWest announced that it had entered into an agreement to be acquired by Banc of California in an all-stock deal. Pursuant to the merger agreement, PacWest stockholders will receive 0.6569 of a share of Banc of California common stock for each share of PacWest common stock. The deal is expected to close at the end of 2023.

Bragar Eagel & Squire is concerned that PacWest's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for PacWest's stockholders.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in PacWest Bancorp. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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