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 (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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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.
SOURCE Johnson Fistel, LLP