Rigrodsky & Long, P.A. Announces Investigation of Tower Bancorp, Inc.
28 Septiembre 2011 - 11:12AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Tower Bancorp,
Inc. (“Tower Bancorp” or the “Company”) (Nasdaq: TOBC) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s entry into an agreement to be acquired by
Susquehanna Bancshares, Inc. (“Susquehanna”) in a transaction with
an approximate value of $343 million.
Click here to learn more and how to join the action:
http://investigations.rigrodskylong.com/towerbancorpinc-tobc/.
Under the proposed agreement, Tower Bancorp shareholders will
have the option of receiving either 3.4696 shares of Susquehanna
common stock or $28.00 in cash for each share of Tower Bancorp
common stock they own, with $88 million of the aggregate
consideration being paid in cash.
The investigation concerns whether Tower Bancorp’s board of
directors adequately shopped the Company to obtain the best price
possible for Tower Bancorp’s shareholders before entering into the
agreement with Susquehanna. Indeed, according to Yahoo! Finance, at
least one analyst has set a price target of $31.50 per share for
Tower Bancorp stock.
If you own the common stock of Tower Bancorp and purchased your
shares before June 20, 2011, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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