Posted: Feb 10, 2011 1:29 PM
Source: Associated Press
NEW ORLEANS - A company that holds stock in Whitney Holding Corp. is suing to block the bank's merger with Hancock Holding Co.
A class-action lawsuit filed Monday by Realistic Partners accuses Whitney's directors of acting in their own interests at the expense of shareholders and of preventing investors from making an
informed decision about the $1.5 billion deal.
The boards for the parent companies of Hancock Bank and Whitney National Bank approved the stock-for-stock transaction in December.
A Hancock spokesman said the company doesn't comment on pending litigation.
A Whitney spokeswoman didn't immediately return a call seeking comment.