Law Firm Brower Piven Announces Investigation of Somerset Hills Bancorp
January 31 2013 - 6:25PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Somerset Hills Bancorp
(“Somerset” or the “Company”) (Nasdaq: “SOMH”) and other violations
of state law by the board of directors of Somerset relating to the
proposed acquisition of the Company by Lakeland Bancorp, Inc.
(“Lakeland”). The firm’s investigation seeks to determine, among
other things, whether the board of directors of Somerset breached
their fiduciary duties by failing to maximize shareholder
value.
Under the terms of the proposed transaction, Somerset
shareholders will receive, at their election, either 1.1962 shares
of Lakeland common stock or $12.00 in cash for each share of
Somerset common stock they own. According to Bloomberg, the EBIT
and net income multiples for the proposed transaction are below
those of comparable transactions.
If you currently own common stock of Somerset and would like to
learn more about the investigation being conducted by Brower Piven,
you may email 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 hoffman@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.
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