An investigation on behalf of investors of Alliance Financial Corporation (NASDAQ:ALNC) in connection with the proposed merger was announced and NASDAQ:ALNC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/10/2012 -- An investigation on behalf of investors in Alliance Financial Corporation (NASDAQ:ALNC) shares was announced concerning whether the offer to merger Alliance Financial Corporation with NBT Bancorp Inc. at a value of $48.00 per NASDAQ:ALNC share and the takeover process are unfair to investors in NASDAQ:ALNC shares.
Investors who purchased shares of the Alliance Financial Corporation (NASDAQ:ALNC) prior to October 8, 2012, and currently hold any of those NASDAQ:ALNC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Alliance Financial Corporation (NASDAQ:ALNC breached their fiduciary duties owed to Alliance Financial Corporation (NASDAQ:ALNC investors in connection with the proposed acquisition.
On Monday, Oct. 8, 2012, NBT Bancorp Inc. (NasdaqGS: NBTB) and Alliance Financial Corporation (NasdaqGS: ALNC) announced that they have entered into an agreement under which Alliance Financial will merge with and into NBT Bancorp. The merger is valued at approximately $233.4 million. Under the terms of the proposed merger agreement, each outstanding share of Alliance Financial common stock will be converted into the right to receive 2.1779 shares of NBT Bancorp common stock upon completion of the merger. The transaction is valued at $48.00 per Alliance share based on NBT's average closing stock price of $22.04 for the five-day trading period ending on October 5, 2012.
Following the takeover announcement NASDAQ:ALNC shares jumped from $39.49 per share on Friday to $46.10 per share on Monday.
However, shares of Alliance Financial Corporation (NASDAQ:ALNC) grew at an exceptional growth rate. Its shares grew from as low as $15.99 per share in February 2009 to as high as $40.76 per share in September 2012. Furhtermore, Alliance Financial’s Net Income rose from $10.36 million in 2008 to $13.08 million in 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to Alliance Financial Corporation (NASDAQ:ALNC stockholders. Specifically, the investigation focuses on whether the Alliance Financial Corporation (NASDAQ:ALNC 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 merger.
Those who are current investors in Alliance Financial Corporation (NASDAQ:ALNC) and purchased their Alliance Financial Corporation shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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