Business & Finance
Business and Finance
Business and Finance
Wed, February 2, 2011Tue, February 1, 2011Mon, January 31, 2011Sun, January 30, 2011Sat, January 29, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Fri, January 21, 2011Brower Piven Announces an Investigation of the Acquisition of Abington Bancorp, Inc. by Susquehanna Bancshares, Inc.
Published in Business and Finance on Friday, January 28th 2011 at 10:20 GMT by Market Wire
STEVENSON, Md.--([ 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. (aAbingtona) (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. (aSusquehannaa). The firma™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 Susquehannaa™s and Abingtona™s common stock on Tuesday, the deal values Abington at $13.04 per share, only a 13.8% premium over Abingtona™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.
