The Briscoe Law Firm Announces Investigation of Tower Bancorp, Inc.
21 Junio 2011 - 3:41PM
Business Wire
Former state prosecutor and enforcement attorney for the United
States Securities and Exchange Commission, Willie Briscoe, founder
of The Briscoe Law Firm, PLLC, and the securities litigation law
firm of Powers Taylor, LLP are jointly investigating possible
potential breaches of fiduciary duty and other legal claims against
the Board of Directors of Tower Bancorp, Inc. (“Tower Bancorp” or
“TOBC”) (NASDAQ: TOBC) related to the acquisition of Tower Bancorp
by Susquehanna Bancshares, Inc. (NASDAQ: SUSQ).
According to the definitive acquisition agreement announced by
the companies, Tower Bancorp shareholders will be able to elect to
receive either a fixed ratio of 3.4696 shares of Susquehanna common
stock or $28.00 in cash for each share of Tower Bancorp/TOBC common
stock they hold. The transaction is valued at approximately $343
million, and the deal is expected to close in the first quarter of
2012.
The firms are investigating the fairness of the proposed
transaction to Tower Bancorp shareholders, whether the shareholders
are being underpaid for their stock, and whether Tower Bancorp’s
Board of Directors acted in the shareholders’ best interests. The
firms are also investigating whether Tower Bancorp’s Board of
Directors adequately considered all viable alternatives and
properly shopped the company before entering into the
agreement.
If you currently own shares of Tower Bancorp/TOBC 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
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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