Abington Bancorp, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Susquehanna Bancshares, Inc.
27 Enero 2011 - 5:12PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Abington Bancorp, Inc. (“Abington” or
“ABBC”) (NASDAQ: ABBC) related to the proposed buyout of Abington
by Susquehanna Bancshares, Inc. (“Susquehanna”) (NASDAQ: SUSQ). The
definitive acquisition agreement, which was announced on January
26, 2011, involves a stock-for-stock transaction valued at
approximately $273 million. Under the proposed buyout, Abington
shareholders will receive a fixed ratio of 1.32 shares of
Susquehanna common stock for each share of Abington/ABBC common
stock they hold.
The investigation relates to the fairness of the proposed
transaction to Abington shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Abington for approving this transaction, and whether
Abington’s Board of Directors acted in the shareholders’ best
interests. The stock-for-stock acquisition represents a value of
only $13.04 per share to Abington shareholders based the closing
price of Susquehanna’s stock on January 25, 2011. However, Abington
shares closed over $12 per share as recently as November 2010.
Based on this and other factors, the firms believe that the
acquisition price may not be fair for the shareholders.
If you currently own shares of Abington/ABBC and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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