Business & Finance
Business and Finance
Business and Finance
Fri, January 28, 2011
Thu, January 27, 2011 Abington Bancorp, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Susquehanna Bancshares, Inc. a"
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 Abington Bancorp, Inc. (aAbingtona or aABBCa) (NASDAQ: ABBC) related to the proposed buyout of Abington by Susquehanna Bancshares, Inc. (aSusquehannaa) (NASDAQ: SUSQ). The definitive acquisition agreement, which was announced on January 26, 2011, involves a stock-for-stock transaction valued at approximately $273 million. Under the proposed buyout, Abington shareholders will receive a fixed ratio of 1.32 shares of Susquehanna common stock for each share of Abington/ABBC common stock they hold.
The investigation relates to the fairness of the proposed transaction to Abington shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Abington for approving this transaction, and whether Abingtona™s Board of Directors acted in the shareholdersa™ best interests. The stock-for-stock acquisition represents a value of only $13.04 per share to Abington shareholders based the closing price of Susquehannaa™s stock on January 25, 2011. However, Abington shares closed over $12 per share as recently as November 2010. Based on this and other factors, the firms believe that the acquisition price may not be fair for the shareholders.
If you currently own shares of Abington/ABBC and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
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.
