Business & Finance
Business and Finance
Business and Finance
Mon, January 24, 2011
Fri, January 21, 2011 Danvers Bancorp, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Peoplea?s United Financial, Inc.
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor LLP ] are investigating potential legal claims against the Board of Directors of Danvers Bancorp, Inc. (aDanvers Bancorpa or aDNBKa) (NASDAQ: DNBK) related to the proposed buyout of Danvers Bancorp by Peoplea™s United Financial, Inc. (aPeoplea™s Uniteda) (NASDAQ: PBCT).
The definitive acquisition agreement, which was announced on January 20, 2011, involves a 55% stock and 45% cash transaction valued at approximately $493 million. Under the proposed buyout, Danvers Bancorp shareholders will be allowed to elect either a cash payment of $23 or 1.624 shares of Peoplea™s United stock for each share of Danvers Bancorp/DNBK common stock they hold. The value of the transaction to Danvers Bancorp shareholders has been reported at $23 per share, based on the average closing price of Peoplea™s Uniteda™s shares for the 10-day period ending January 19, 2011.
The investigation relates to the fairness of the proposed transaction to Danvers Bancorp shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Danvers Bancorp for approving this transaction, and whether Danvers Bancorpa™ Board of Directors acted in the shareholdersa™ best interests.
If you currently own shares of Danvers Bancorp/DNBK and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
