Bull & Lifshitz, LLP Announces Investigation of the Acquisition of Smithtown Bancorp, Inc.
21 Juli 2010 - 5:18PM
Business Wire
Bull & Lifshitz, LLP announces an investigation into
possible breaches of fiduciary duty in connection with the proposed
acquisition of Smithtown Bancorp, Inc. (NASDAQ: SMTB) (referred to
as "Smithtown" or the “Company”) by People's United Financial, Inc.
(NASDAQ: PBCT) (referred to as "People's United") in a deal valued
at approximately $60 million, with approximately half that amount
being paid in cash and the balance in the form of shares of
People's United common stock.
Under the terms of the transaction, Smithtown shareholders will
receive consideration equal to $2.00 cash plus 0.1430 shares of
People’s common stock for each share of Smithtown common stock held
by them, which represents approximately $4.00 per share of
Smithtown common stock, based on the 5-day average closing price of
People’s common stock for the period ended July 14, 2010.
Bull & Lifshitz, LLP's investigation is focused on whether
the Smithtown Board of Directors breached their fiduciary duties to
Smithtown stockholders and whether the proposed deal provides
adequate value to the Company’s shareholders.
If you are a holder of Smithtown stock and want to discuss your
legal rights, you may e-mail or call Bull & Lifshitz, LLP who
will, without obligation or cost to you, attempt to answer your
questions.
If you are a shareholder of Smithtown and would like more
information about our investigation, please contact Peter D. Bull,
Esq. by telephone at (866) 313-6222 or by sending an e-mail
including your contact information to: counsel@nyclasslaw.com. All
e-mail correspondence should make reference to Smithtown.
Bull & Lifshitz, LLP is a New York City-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please visit our website at www.nyclasslaw.com.
ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP.
The law firm responsible for this advertisement is Bull &
Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212)
213-6222. Prior results do not guarantee or predict a similar
outcome with respect to any future matter.
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