Buyout of Herald National Bank Investigated by Tripp Levy PLLC
June 02 2011 - 9:58AM
Business Wire
Tripp Levy PLLC, a leading national securities law firm,
announces an investigation into the proposed acquisition of Herald
National Bank (NYSE AMEX: HNB) by BankUnited Inc. (NYSE: BKU) for
all the outstanding common shares of HNB for a value equal to $1.35
plus the value of 0.0990 shares of BKU common stock. Based on the
closing price of BKU’s common stock at the close of business on
June 1, 2011, the transaction values each share of HNB common and
preferred stock at $4.13.
The investigation concerns, among other things, whether the
consideration to be paid to HNB shareholders is grossly unfair,
inadequate, and substantially below the fair or inherent value of
Herald. Indeed, the book value alone of HNB is approx. the same
value as the buyout price of $4.13 per share. The investigation
further concerns whether the board of directors of HNB may have
breached their fiduciary duties by not acting in HNB shareholders'
best interests in connection with the sale process of HNB.
If you own HNB common stock and you wish to discuss this matter
with us, or have any questions concerning your rights and interests
with regard to this matter, please contact
Tripp LevyTripp Levy PLLC125 East 82nd Street9th FloorNew York,
New YorkToll Free: 877-772-3975Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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