We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of GrandSouth Bancorporation (“GrandSouth” or the “Company”)(OTC: GRRB) in connection with the proposed acquisition of the Company by First Bancorp (“First Bancorp”) (NASDAQ: FBNC). Under the terms of the merger agreement, the Company’s shareholders will receive 0.910 shares of First Bancorp common stock for each GrandSouth share owned, representing implied per-share merger consideration of approximately $32.01 based upon First Bancorp’s June 21, 2022 closing price of $35.26. The all-stock transaction is valued at approximately $181.1 million.
Weiss Law is investigating whether (i) GrandSouth’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the per-share merger consideration adequately compensates GrandSouth’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.