NEW YORK, Aug. 19, 2019 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Bancorp of New Jersey, Inc. ("Bancorp NJ" or the
"Company") (NYSEMKT: BKJ) in connection with the proposed
acquisition of the Company by ConnectOne Bancorp, Inc.
("ConnectOne") (NASDAQ: CNOB). Under the terms of the
acquisition agreement, BKJ shareholders can elect to receive either
$16.25 in cash or 0.78 shares of
ConnectOne common stock for each share of BKJ they own, subject to
a total consideration mix of 80 percent stock and 20 percent cash.
The transaction is valued at approximately $15.48 per BKJ share, based upon the August 15, 2019 closing common stock price of
$19.60 for CNOB.
If you own BKJ shares and wish to discuss this
investigation or have any questions concerning this notice or your
rights or interests, please contact:
Joshua Rubin,
Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
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website
http://www.weisslawllp.com/bancorp-of-new-jersey/
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WeissLaw is investigating whether Bancorp NJ's Board acted to
maximize shareholder value prior to entering into the acquisition
agreement. Notably, the offer price is approximately
$2.27 less than the Company's 52-week
high of $17.75. Additionally,
the acquisition agreement includes a "No Solicitation" provision
which prohibits the Company from seeking, discussing, participating
in, or agreeing to other potential acquisition proposals.
Given these facts, WeissLaw is concentrating its investigation
on whether the merger enhances shareholder value. According to
ConnectOne's Chairman and CEO Frank
Sorrentino, the acquisition "is a financially savvy,
in-market acquisition with strong economics to enhance our powerful
franchise….demonstrate[ing] our commitment to deliver attractive
long-term returns for our shareholders…" WeissLaw is
concerned whether the proposed merger undervalues the Company, and
whether all material information related to the proposed merger is
fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP