Faruqi & Faruqi, LLP Announces Investigation of Tower Bancorp, Inc.
24 Junio 2011 - 6:00AM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm
headquartered in New York City, is investigating the Board of
Directors of Tower Bancorp, Inc. (“Tower” or the “Company”)
(NasdaqGS: TOBC) for potential breaches of fiduciary duties in
connection with their conduct related to the sale of the Company to
Susquehanna Bancshares, Inc. (NasdaqGS: SUSQ) in a cash-and-stock
deal valued at about $339.50 million. The proposed transaction
offers Tower shareholders either 3.4696 shares of Susquehanna
common stock, or $28.00 in cash for each share they own. If the
acquisition occurs, several senior executives and directors of
Tower are expected to receive new lucrative positions at
Susquehanna. For example, Andrew Samuel, the Chairman and Chief
Executive Officer of Tower, is slated to become President and Chief
Revenue Officer at Susquehanna; Mr. Samuel and two current Tower
Board members will be appointed to Susquehanna’s Board of
Directors; 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. The deal is structured as a tender offer, which could
avoid the need for a shareholder vote, and is expected to be
completed in the first quarter of 2012.
Request more information now by clicking here:
www.faruqilaw.com/TOBC
Whether Tower’s Board of Directors breached their fiduciary
duties to the Company’s stockholders by failing to conduct an
adequate and fair sales process prior to agreeing to this proposed
transaction, whether the proposed transaction undervalues Tower’s
shares and by how much this proposed transaction undervalues the
Company to the detriment of Tower’s shareholders are the key focus
of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in Tower and wish to obtain additional
information, please visit us at www.faruqilaw.com/TOBC or contact
Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
Tower Bancorp (MM) (NASDAQ:TOBC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Tower Bancorp (MM) (NASDAQ:TOBC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Tower Bancorp (MM) (NASDAQ): 0 recent articles
Más de Faruqi & Faruqi, LLP Artículos de Noticias