Bull & Lifshitz, LLP Announces Investigation of the Acquisition of Herald National Bank
June 13 2011 - 1:17PM
Business Wire
Bull & Lifshitz, LLP announces an investigation into
possible breaches of fiduciary duty in connection with the proposed
sale of Herald National Bank (NYSE AMEX: HNB - News) (referred to
as "HNB" or the “Company”) to BankUnited, Inc. (“BKU”).
Under the terms of the agreement, which has been approved by
both boards of directors, holders of HNB common and preferred stock
will have the right, subject to proration, to elect to receive cash
or BKU common stock, in either case having a value equal to $1.35
plus the value of 0.0990 shares of BKU common stock. The total
consideration is expected to consist of approximately $22.9 million
in cash and approximately 1.7 million shares of BKU common
stock.
Bull & Lifshitz, LLP's investigation is focused on whether
the proposed deal provides adequate value to the Company’s
shareholders.
If you are a holder of HNB 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 HNB 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 HNB.
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.
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