STEVENSON, Md. -- (Business Wire)
The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Oneida Financial Corporation (“Oneida” or the “Company”)
(Nasdaq: ONFC) relating to the proposed buyout of the Company by
Community Bank System, Inc. (“CBU”).
On February 24, 2015, Oneida and CBU announced the signing of a
definitive agreement pursuant to which CBU will acquire Oneida. Under
the terms of the transaction, Oneida shareholders can elect to receive
either $20.00 in cash or 0.5635 shares of CBU common stock per share for
each outstanding share of Oneida common stock, subject to an overall 60%
stock and 40% cash split. The transaction is expected to close in July,
2015, though Oneida shareholders will most likely be asked to vote on
the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether
the Company’s Board of Directors failed to satisfy their duties to
shareholders, including whether the Board adequately pursued
alternatives to the acquisition and whether the Board obtained the best
price possible for the Company’s shares of common stock. In particular,
according to Bloomberg, the Price to EBITDA and Revenue multiples are
below the average of comparable transactions.
If you currently own common stock of Oneida and would like to learn more
about the investigation being conducted by Brower Piven, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
Contacts:
Brower Piven, A Professional Corporation
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation
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