WILMINGTON, Del., April 29, 2014 /PRNewswire/ -- Andrews &
Springer LLC, a boutique securities class action law firm
focused on representing shareholders nationwide, is investigating
potential breach of fiduciary duty claims against the Board of
Directors of OmniAmerican Bancorp, Inc., the holding company for
OmniAmerican Bank, ("OmniAmerican" or the "Company") (NASDAQ: OABC)
relating to the sale of the Company to Southside Bancshares, Inc.
(NASDAQ: SBSI) ("Southside"). On April 29,
2014, the two companies announced the signing of a
definitive merger agreement pursuant to which Southside will
acquire OmniAmerican in a merger valued at roughly $307 million in the aggregate. As a result of the
merger, OmniAmerican shareholders are only anticipated to receive
0.4459 shares of Southside common stock and $13.125 per share in cash in exchange for each
share of OmniAmerican stock they own (roughly $26.71 per share total consideration).
Our investigation so far has revealed that the process leading
up to the announcement of the merger appears to have some
questionable conflicts of interest, thus making the process and
consideration unfair. As indicated by the Company, all members of
OmniAmerican's executive management appear to have secured future
employment with Southside, therefore impeding their ability to
negotiate the best possible deal for shareholders. Also, the
consideration that OmniAmerican shareholders are expected to
receive is inadequate. While OmniAmerican shareholders are expected
to receive combined consideration of roughly $26.71 per share, there appears to be no collar
on Southside's stock, meaning that OmniAmerican shareholders are
subject to the future volatility and price fluctuation of
Southside's stock.
If you own shares of OmniAmerican and want to receive additional
information and protect your investments free of charge, please
visit us at
http://www.andrewsspringer.com/cases-investigations/omniamerican
or contact Craig J. Springer,
Esq. at cspringer@andrewsspringer.com, or call toll
free at 1-800-423-6013. This notice may constitute attorney
advertising.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud and breaches of fiduciary duty. Our Firm's
practice model consists of retaining a small select group of high
caliber attorneys who are committed to protecting shareholder
rights and litigating cutting-edge issues affecting shareholder
rights. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for our clients. These traits are the
hallmarks of our innovative approach to each case our
Firm decides to prosecute.
SOURCE Andrews & Springer LLC