Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale Central Bancorp, Inc. (“CEBK”) (NASDAQ: CEBK) to Independent Bank Corp. for shareholders. Under the proposed buyout, 60% of outstanding CEBK shares will be exchanged for shares of Independent Bank Corp. at an exchange ratio subject to limited adjustment, and 40% of outstanding CEBK shares will be purchased for only $32.00 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
Under the definitive merger agreement, the transaction is valued at approximately $54.8 million and is expected to close in the fourth quarter of 2012.
According to shareholder rights attorney Willie Briscoe, “The investigation centers on whether CEBK shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues CEBK’s stock, and whether CEBK’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Based on the terms of the transaction, and other factors, the firms are investigating whether the buyout price is fair to CEBK shareholders. Our proposed shareholder lawsuit seeks to obtain additional value for shareholders than what is proposed in the current buyout offer."The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.