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SunTrust stockholder sues to stop merger

Apr. 12, 2019 10:29 AM ETSolidion Technology Inc. (STI) Stock, TFC StockSTI, TFCBy: Liz Kiesche, SA News Editor8 Comments
  • A SunTrust Banks (STI +1.3%) stockholder is suing to block SunTrust's $66B merger with BB&T (BBT +1.5%), saying the bank hasn't disclosed enough information for shareholders "to make a fully informed decision" on the proposed deal.
  • LR Trust filed the complaint April 10 in federal court in Atlanta, reports the Atlanta Business Chronicle.
  • "The board and the company's executive officers are conflicted because they will have secured unique benefits for themselves from the proposed transaction not available to plaintiff and the public stockholders of SunTrust," LR Trust said.
  • Also says company failed to supply material or provided misleading information on the banks' projections, valuation analyses, and process leading up the the merger agreement.
  • LR Trust is seeking class-action status for the suit, which would allow it to represent all SunTrust shareholders.
  • Previously: BB&T and SunTrust to merge in $66B stock deal (Feb. 7)

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