MetroCorp Hit With Shareholder Suit Over $273M Merger

Law360, Los Angeles (September 27, 2013, 7:02 PM EDT) -- A MetroCorp Bancshares Inc. stockholder launched a putative class action in Texas state court Friday, claiming East West Bancorp Inc.'s proposed $273 million acquisition of the company is "unfair and grossly inadequate" when considering MetroCorp's strong prospects for future growth.

Jian Wu alleges MetroCorp officers and directors breached their fiduciary duties to investors by agreeing to the terms of the acquisition by East West. The deal doesn't maximize value for MetroCorp stockholders, and the process by which the transaction will be completed precludes other bidders from...
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