Rigrodsky & Long, P.A. Announces Investigation of CommerceFirst Bancorp, Inc.’s Sale to Sandy Spring Bancorp, Inc.
December 21 2011 - 12:20PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of CommerceFirst
Bancorp, Inc. (“CommerceFirst” or the “Company”) (Nasdaq: CMFB)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Sandy Spring Bancorp, Inc. (“Sandy Spring”) in a
transaction with an approximate value of $25.4 million.
Click here to learn more and to discuss your shareholder rights:
http://investigations.rigrodskylong.com/commercefirst-bancorp-inc-cmfb/.
Under the proposed agreement, Sandy Spring will acquire all of
the shares of CommerceFirst common stock for a combination of 50%
Sandy Spring common stock and 50% cash. The stock consideration
will be at a fixed exchange ratio of 0.8043 Sandy Spring shares for
each CommerceFirst share and the cash consideration will be $13.60
per share. The aggregate merger consideration will consist of
approximately 732,000 shares of Sandy Spring common stock and $12.4
million in cash. CommerceFirst shareholders will be permitted to
elect Sandy Spring common stock or cash, or a combination of each;
subject to proration procedures to preserve the aggregate 50% stock
and 50% cash consideration mix.
The investigation concerns whether CommerceFirst’s board of
directors adequately shopped the Company to obtain the best price
possible for CommerceFirst shareholders before entering into the
agreement with Sandy Spring.
If you own the common stock of CommerceFirst and purchased your
shares before December 20, 2011, if you have information or would
like to learn more about these claims, or if you wish to discuss
these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case
Development Director, of Rigrodsky & Long, P.A., 919 N. Market
Street, Suite 980, Wilmington, Delaware 19801, by telephone at
(888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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