NEW YORK, Aug. 19, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Bancorp of New Jersey, Inc. ("Bancorp NJ" or the "Company") (BKJ) in connection with the proposed acquisition of the Company by ConnectOne Bancorp, Inc. ("ConnectOne") (CNOB). Under the terms of the acquisition agreement, BKJ shareholders can elect to receive either $16.25 in cash or 0.78 shares of ConnectOne common stock for each share of BKJ they own, subject to a total consideration mix of 80 percent stock and 20 percent cash. The transaction is valued at approximately $15.48 per BKJ share, based upon the August 15, 2019 closing common stock price of $19.60 for CNOB.
If you own BKJ shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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WeissLaw is investigating whether Bancorp NJ's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, the offer price is approximately $2.27 less than the Company's 52-week high of $17.75. Additionally, the acquisition agreement includes a "No Solicitation" provision which prohibits the Company from seeking, discussing, participating in, or agreeing to other potential acquisition proposals.
Given these facts, WeissLaw is concentrating its investigation on whether the merger enhances shareholder value. According to ConnectOne's Chairman and CEO Frank Sorrentino, the acquisition "is a financially savvy, in-market acquisition with strong economics to enhance our powerful franchise….demonstrate[ing] our commitment to deliver attractive long-term returns for our shareholders…" WeissLaw is concerned whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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