The law firm of levi & korsinsky, llp launches an investigation into possible breaches of fiduciary duty by the board of midcarolina financial corporation in connection with the sale of the company to american national bankshares, inc. – mcfi

New york--(business wire)--levi & korsinsky is investigating the board of directors of midcarolina financial corporation (“midcarolina” or the “company”)(otc: mcfi) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to american national bankshares, inc. (“american national”) (nasdaq: amnb). under the terms of the proposed transaction, midcarolina common stock shareholders will receive 0.33 share of american national common stock for each share of midcarolina they own. based on the prior closing price of amnb stock, the transaction values midcarolina stock at approximately $7.85 per share for a total transaction value of approximately $38.8 million. midcarolina shareholders will own about 21 percent of the combined company. click here to learn more about the investigation: http://www.zlk.com/midcarolina-financial-mcfi.html, or call: 877-363-5972. the investigation concerns whether the midcarolina board breached their fiduciary duties to midcarolina stockholders by failing to adequately shop the company before entering into this transaction and whether midcarolina stockholders are receiving adequate consideration for their stock. in particular, since the transaction was announced, american national shares value has dropped and, based on february 1, 2011 closing prices, the implied value of midcarolina stock has dropped to approximately $6.90 per share. midcarolina stock traded as high as $7.00 per share as recently as january 20, 2011. if you own common stock in midcarolina and wish to obtain additional information, please contact joseph e. levi, esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/midcarolina-financial-mcfi.html. levi & korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. for more information, please feel free to contact any of the attorneys listed below. attorney advertising. prior results do not guarantee similar outcomes.
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