NEW YORK, Nov. 1, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of Steuben Trust Corporation (Other OTC: SBHO) breached their fiduciary duties or violated the federal securities laws in connection with the company's proposed sale to Community Bank System.
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On October 21, 2019, Steuben Trust announced that it had signed an agreement to be acquired by Community Bank. Per the merger agreement Steuben Trust shareholders will receive $12.60 in cash and 0.8054 shares of Community Bank common stock for each share of Steuben Trust common stock owned. This values Steuben Trust at $106.8 million. The deal is scheduled to close in the second quarter of 2020.
Bragar Eagel & Squire is concerned that Steuben Trust's board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Steuben Trust stockholders.
If you own shares of Steuben Trsut and are concerned about the proposed merger, or you're interested in learning more about the investigation or your legal rights and remedies, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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