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Kendall Law Group Investigates NewAlliance Bancshares Inc. Merger for Shareholders

^{Published on 2010-08-19 12:20:38 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], a national securities firm led by a former federal judge with attorneys that include a former U.S. Attorney, is investigating NewAlliance Bancshares Inc. (NYSE: NAL) for shareholders in connection with the proposed merger with First Niagara Financial Group Inc. (NASDAQ: FNFG). The firma™s investigation seeks to determine whether NewAlliance and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a NewAlliance shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

"pleased to report record revenues this quarter driven by strong balance sheet growth and higher margins."

NewAlliance and First Niagara announced today that the companies entered into a merger agreement whereby NewAlliance would be acquired by First Niagara in a transaction valued at approximately $1.5 billion. Under the terms of the agreement, each NewAlliance stockholder will receive, at the holder's election, either 1.10 shares of First Niagara stock, cash, or a combination thereof. This represents consideration valued at $14.09 per NewAlliance share using First Niagaraa™s August 18 closing price. According to Thompson/First Call, at least one analyst has set a price target of $15.00 per share for NewAlliance stock. NewAlliancea™s most recent financial reports were positive, with chairman and chief executive officer Peyton R. Patterson stating that the company was apleased to report record revenues this quarter driven by strong balance sheet growth and higher margins.a The companies did not make the merger agreement available at the time of their announcement.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.