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Investigation for Investors of SB One Bancorp (NASDAQ: SBBX) announced in connection with the Takeover

04-10-2020 09:44 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors of SB One Bancorp (NASDAQ: SBBX) in connection with the proposed takeover was announced.

An investigation on behalf of investors of SB One Bancorp (NASDAQ: SBBX) in connection with the proposed takeover was announced.

An investigation was announced concerning whether the takeover of SB One Bancorp is unfair to NASDAQ: SBBX stockholders.

Investors who purchased shares of SB One Bancorp (NASDAQ: SBBX) and currently hold any of those NASDAQ: SBBX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of SB One Bancorp breached their fiduciary duties owed to NASDAQ: SBBX investors in connection with the proposed acquisition.

Rockaway, NJ based SB One Bancorp operates as a bank holding company for SB One Bank that provides commercial banking and related financial services to individual, business, and government customers.

On March 12, 2020, Provident Financial Services, Inc. (NYSE: PFS), the parent company of Provident Bank, and SB One Bancorp (NASDAQ: SBBX), the parent company of SB One Bank, announced that they have entered into a merger agreement under which Provident will acquire SB One Bancorp (NASDAQ: SBBX). Provident will acquire all of the outstanding shares of SB One Bancorp (NASDAQ: SBBX) in exchange for common shares of Provident. The exchange ratio will be fixed at 1.357 Provident shares for each share of SB One Bancorp (NASDAQ: SBBX), resulting in an aggregate transaction value of approximately $208.9 million, based on Provident's closing stock price on March 11, 2020. The transaction consideration is presently valued at $22.09 per share for SB One Bancorp (NASDAQ: SBBX) shareholders.

However, given that at least one anlyst has set the high target price for NASDAQ: SBBX at $27.00 per share and given that NASDAQ: SBBX shares traded as high as $25.24 per share on December 19, 2019 , the investigation concerns whether the offer is unfair to NASDAQ: SBBX stockholders. More specifically, the investigation concerns whether the SB One Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

SB One Bancorp reported that its annual Total Revenue rose from $54.82 million in 2018 to $73.73 million in 2019 and that its Net Income rose from $9.92 million in 2018 to $22.54 million in 2019.

Those who are current investors in SB One Bancorp (NASDAQ: SBBX) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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