SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Oneida Financial Corp. And Encourages In...
28 Febrero 2015 - 4:00AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Oneida Financial Corporation
(“Oneida” or the “Company”) (Nasdaq: ONFC) relating to the proposed
buyout of the Company by Community Bank System, Inc. (“CBU”).
On February 24, 2015, Oneida and CBU announced the signing of a
definitive agreement pursuant to which CBU will acquire Oneida.
Under the terms of the transaction, Oneida shareholders can elect
to receive either $20.00 in cash or 0.5635 shares of CBU common
stock per share for each outstanding share of Oneida common stock,
subject to an overall 60% stock and 40% cash split. The transaction
is expected to close in July, 2015, though Oneida shareholders will
most likely be asked to vote on the transaction well before that
time.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock. In particular, according to Bloomberg, the Price to EBITDA
and Revenue multiples are below the average of comparable
transactions.
If you currently own common stock of Oneida and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
(MM) (NASDAQ:ONFC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
(MM) (NASDAQ:ONFC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024