SAN DIEGO, March 12, 2020 /PRNewswire/ --
Shareholder rights law firm Johnson Fistel, LLP has launched an
investigation into whether the board members of SB One Bancorp ("SB
One" or the "Company") (NASDAQ: SBBX) breached their fiduciary
duties in connection with the proposed sale of the Company to
Provident Financial Services, Inc. ("Provident") (NYSE: PFS).
On March 12, 2020, SB One
announced that it had signed a definitive merger agreement with
Provident. Under the terms of the deal, Provident will acquire all
of the outstanding shares of SB One in exchange for common shares
of Provident. The exchange ratio will be fixed at 1.357 Provident
shares for each share of SB One. Based on Provident's closing stock
price on March 11, 2020, the
transaction consideration is valued at $22.09. SB One shareholders will be subject to
the future price fluctuation of Provident's stock price.
The investigation concerns whether the SB One board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for SB One
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
that one Wall Street analyst has a $27.50 price target on the stock. The 52-week
high for SB One was $25.24.
If you are a shareholder of SB One and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation, please contact lead analyst
Jim Baker (jimb@johnsonfistel.com)
at 619-814-4471. If emailing, please include a
phone number.
Additionally, you can [Click here to join this
action]. There is no cost or obligation to
you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a
nationally recognized shareholder rights law firm with offices in
California, New York, and Georgia. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit https://www.johnsonfistel.com. Attorney
advertising. Past results do not guarantee future outcomes.
Contact:
Johnson
Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP