Ademi LLP is investigating TCF Financial Corporation (Nasdaq:TCF) for possible breaches of fiduciary duty and other violations of the law in its transaction with Huntington.
Ademi LLP alleges TCF’s financial outlook is improving and yet TCF shareholders will receive only the equivalent of approximately $38 to $39 per share in an all-stock deal as of December 14, 2020. The merger agreement unreasonably limits competing bids for TCF by prohibiting solicitation of further bids, and imposing a termination penalty if TCF accepts a superior bid. TCF insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of TCF’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for TCF.