Business & Finance
Business and Finance
Business and Finance
Fri, February 4, 2011
The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Danvers Banc
NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of Danvers Bancorp, Inc. (Nasdaq: DNBK), the holding company for Danversbank, for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Peoplea™s United Financial, Inc. (Nasdaq: PBCT), the holding company for Peoplea™s United Bank. In the proposed transaction, Danvers Bancorp shareholders may elect to receive either $23.00 in cash or 1.624 shares of Peoplea™s United Financial stock share. The proposed transaction has a total value of approximately $493 million and will consist of 55% stock and 45% cash.
The investigation concerns whether the Danvers Bancorp Board of Directors breached their fiduciary duties to Danvers Bancorp stockholders by failing to adequately shop the Company before entering into this transaction and whether Peoplea™s United Financial is underpaying for Danvers Bancorp shares.
If you own common stock in Danvers Bancorp and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [ as@ashainberglaw.com ] or by telephone at (212) 425-7286, or visit [ http://www.ashainberglaw.com/danvers-bancorp.html ].
Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
