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CenterState, Sunshine facing merger-related suit

A putative class action suit was filed against Sunshine Bancorp Inc. and its board for alleged breach of fiduciary duty in connection with its acquisition by CenterState Bank Corp. CenterState was also named a defendant for allegedly aiding said breach.

The plaintiff, Stephen Bushansky, claims that the deal price is unfair, that board members had conflicts of interest when they approved the deal and that merger-related disclosures were materially incomplete and misleading. Bushansky seeks additional disclosures and the adoption of a procedure to negotiate improved terms, among other things.

The case was filed in the Circuit Court of the 13th Judicial Circuit in Hillsborough, Fla. Sunshine and CenterState intend to defend themselves against the claims.