BANC and PACW supplement merger proxy; 11 demand letters, 3 lawsuits, board appointments

BANC OF CALIFORNIA, INC.

BANC and PACW received 11 demand letters from stockholders challenging the merger; three lawsuits filed in federal and state court.
Complaints allege material omissions in proxy statement; companies deny merit, voluntarily supplement disclosures to moot claims.
Supplement adds details on merger background: 13 potential acquirers contacted, standstill provisions, exchange ratio calculation.
On Oct 26, 2023, BANC announced board composition: four BANC directors retiring, three PACW directors and Warburg designee appointed.
Updated financial analysis shows BANC implied value range of $8.70-$14.42 per share based on earnings multiples.

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