Robbins Umeda LLP Is Investigating Tower Bancorp, Inc.
21 Junio 2011 - 6:45PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Tower Bancorp, Inc. (NASDAQ:
TOBC), the parent company of Graystone Tower Bank. The firm has
commenced an investigation into possible breaches of fiduciary duty
and other violations of state law by members of the board of
directors of Tower in connection with their efforts to sell the
company to Susquehanna Bancshares, Inc. (NASDAQ: SUSQ).
If you own stock in Tower and would like more information about
your shareholder rights, please contact Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
On June 20 2011, Tower announced it had entered into a
definitive merger agreement under which Susquehanna will acquire
all outstanding shares of Tower in a stock and cash transaction.
The deal will force Tower shareholders to either sell their
holdings at $28.00 per share or receive 3.4696 shares of
Susquehanna common stock in exchange for each share of Tower. The
transaction is expected to close in the first quarter of 2012.
The investigation focuses on whether Tower's board is
undertaking a fair process to obtain maximum value and adequately
compensate its shareholders in light of the company's recent
positive financial results. On April 27, 2011, Tower reported first
quarter earnings of $29.72 million, beating consensus estimates of
only $27.07 million. Our investigation will also examine whether
self-dealing and other employment guarantees played a part in
Tower's decision to enter into agreements with Susquehanna. Upon
closing, several senior executives and directors of Tower are
expected to receive new lucrative positions at Susquehanna. For
example, Andrew Samuel, the Chairmen and Chief Executive Officer of
Tower, is slated to become President and Chief Revenue Officer at
Susquehanna. Further, Samuel and two current Tower Board members
will be appointed to Susquehanna's Board of Directors. Meanwhile,
Jeffrey Renninger, Tower's Chief Operating Officer, and Janak Amin,
the Chief Executive Officer of Graystone Tower Bank, are both
expected to receive senior management positions at Susquehanna.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/tower-bancorp-inc/
Attorney Advertising.
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