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 ESB Financial Corp. (“ESB” or the “Company”) (Nadaq: ESBF)
relating to the proposed buyout of the Company by WesBanco Inc.
(“WesBanco”).
On October 29, 2014, ESB and WesBanco announced the signing of a
definitive Agreement and Plan of Merger pursuant to which WesBanco will
exchange a combination of its common stock and cash for ESB common
stock. Under the terms of the transaction, ESB shareholders will receive
0.502 shares of WesBanco and $1.76 in cash for each share of ESB common
stock they own. The proposed transaction values ESB at approximately
$17.65 per share and may undervalue the Company given its strong
franchise in Pittsburgh and Western Pennsylvania. The transaction is
expected to close in the first or second quarter of 2015.
The firm’s investigation seeks to determine, among other things, whether
ESB’s Board of Directors failed to satisfy their duties to the Company’s
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.
If you currently own common stock of ESB 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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