June 4, 2021
Aquesta Financial Holdings, Inc
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Aquesta Financial Holdings, Inc. (“Aquesta” or the “Company”) (OTC: AQFH) in connection with the proposed acquisition of the Company by United Community Banks, Inc. (“United”) (NASDAQ: UCBI). Under the terms of the merger agreement, Aquesta shareholders will receive 0.6386 shares of United common stock for each Aquesta share that they own, representing implied consideration of $21.58 based upon United’s May 26, 2021 closing price of $33.79. The transaction structure includes an election for Aquesta stockholders to receive their consideration in cash, subject to a limitation that no more than 30% of the total consideration paid by United will be in cash. The proposed transaction is valued at approximately $131 million.
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