PE Firm Denies It Unfairly Pushed $2.2B Capital Bank Deal

Law360 (September 24, 2020, 7:43 PM EDT) -- Private equity firm Crestview Partners LP told a Delaware vice chancellor Thursday that a proposed class of Capital Bank Financial Corp. shareholders has not shown the firm had the means to unduly influence Capital Bank's $2.2 billion sale to First Horizon National Corp. in 2017 so it could liquidate its ownership stake.

During a virtual hearing, counsel for Crestview and three former Capital Bank officers told Vice Chancellor Kathaleen S. McCormick that former Capital Bank stockholder Sandra Searles couldn't back her assertions that the officers breached their fiduciary duty, or that Crestview knowingly and substantially contributed to any alleged breaches in...

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