Levi & Korsinsky is investigating the Board of Directors of Central Bancorp Inc. (“Central Bancorp” or the “Company”) (Nasdaq: CEBK) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Independent Bank Corp. (“Independent”) (Nasdaq: INDB). Under the terms of the agreement, 60% of outstanding Central Bancorp shares will be exchanged for shares of Independent at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp shares will be purchased for $32.00 per share in cash. Based upon Independent’s $28.67 per share closing price on April 27, 2012 the transaction is valued at approximately $54.8 million.
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The investigation concerns whether the Central Bancorp Board of Directors breached their fiduciary duties to Central Bancorp stockholders by failing to adequately shop the Company before entering into this transaction and whether Independent is underpaying for Central Bancorp shares, thus unlawfully harming Central Bancorp stockholders.
If you own common stock in Central Bancorp and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.