Business & Finance
Business and Finance
Business and Finance
Tue, January 25, 2011
Mon, January 24, 2011 Bull & Lifshitz, LLP Announces Investigation of the Acquisition of Danvers Bancorp, Inc.
NEW YORK--([ BUSINESS WIRE ])--Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of Danvers Bancorp, Inc. (NASDAQ: [ DNBK ]) (referred to as "Danvers" or the aCompanya) by People's United Financial, Inc. (aPeople's Uniteda) in a 55% stock and 45% cash transaction valued at approximately $493 million.
Under the terms of the definitive agreement, which has been approved by both companies' boards of directors, Danvers shareholders may elect to receive either $23.00 in cash, or 1.624 shares of People's United stock for each Danvers share, subject to customary pro ration provisions, whereby 55% of Danvers shares will be exchanged for stock and 45% for cash. The transaction is valued at $23.00 per Danvers share, based on the average closing price of People's United for the 10-day period ended January 19, 2011.
Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Companya™s shareholders. If you are a holder of Danvers stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.
If you are a shareholder of Danvers and would like more information about our investigation, please contact Joshua M. Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to: [ counsel@nyclasslaw.com ]. All e-mail correspondence should make reference to Danvers.
Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at [ www.nyclasslaw.com ].
ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP. The law firm responsible for this advertisement is Bull & Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212) 213-6222. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
