DALLAS, Nov. 21, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Hampshire First Bank (OTC: HFBN.OB) to NBT Bancorp, Inc. for shareholders. Under the proposed acquisition agreement, 65% of the outstanding shares of Hampshire First Bank common stock will be converted into a right to receive a fixed ratio of 0.7019 shares of NBT Bancorp common stock, and the remaining 35% of Hampshire First Bank shares will be exchanged for $15.00 in cash. The value of the acquisition to Hampshire First Bank shareholders is only $15.00, which is well below the target price of $22.00 per share recently reported by analysts.
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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 protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
The definitive acquisition agreement involves a stock and cash transaction valued at approximately $45 million. Under the agreement, Hampshire First Bank will merge with and into a banking subsidiary of NBT Bancorp. The transaction is expected to close in the second quarter of 2012.
The investigation centers on whether Hampshire First Bank shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Hampshire First Bank stock, and whether Hampshire First Bank's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "Particularly troubling is the fact that even though at least one analyst has set a high target price of $22.00 per share for HFBN.OB shares, NBT Bancorp has already entered into a voting agreement with Hampshire First Bank's directors and officers and the holders of approximately 40% of Hampshire First Bank's outstanding common stock to approve the deal." Based on these and other factors, the firms believe that the transaction may significantly undervalue Hampshire First Bank stock.
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.
SOURCE Powers Taylor, LLP
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