Brower Piven Announces an Investigation of the Acquisition of Abington Bancorp, Inc. by Susquehanna Bancshares, Inc.
29 January 2011 - 5:12AM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Abington Bancorp, Inc. (“Abington”)
(NASDAQ: ABBC) and other violations of state law by the Board of
Directors of Abington relating to the proposed acquisition of the
company by Susquehanna Bancshares, Inc. (“Susquehanna”). The firm’s
investigation seeks to determine whether Abington and its Board
breached their fiduciary duties by failing to maximize shareholder
value.
On January 26, 2011, the companies jointly announced that they
had signed a definitive agreement under which Susquehanna will
acquire all outstanding shares of Abington in a stock-for-stock
transaction valued at approximately $273 million. Under the terms
of the agreement, Abington shareholders will receive 1.32 shares of
Susquehanna common stock for each share of Abington common stock.
Based on the closing prices of Susquehanna’s and Abington’s common
stock on Tuesday, the deal values Abington at $13.04 per share,
only a 13.8% premium over Abington’s closing price. Abington shares
closed over $12 per share as recently as November 2010, and
Abington recently reported net income of $7.7 million for the year
ended December 31, 2010, compared to a net loss of $7.2 million for
the year ended December 31, 2009.
If you currently own shares of Abington and would like to learn
more about the investigation being conducted by Brower Piven, you
may e-mail or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at piven@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other
class action cases of over 60 years.
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