San Diego, CA -- (SBWIRE) -- 05/19/2017 -- An investigation was announced for investors in shares of ASB Bancorp Inc (NASDAQ:ASBB) concerning whether the buyout of ASB Bancorp Inc by First Bancorp is unfair to NASDAQ:ASBB stockholders.
Investors who purchased shares of ASB Bancorp Inc (NASDAQ:ASBB) and currently hold any of those NASDAQ:ASBB shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of ASB Bancorp Inc breached their fiduciary duties owed to NASDAQ:ASBB investors in connection with the proposed acquisition.
On May 1, 2017, First Bancorp (Nasdaq: FBNC), the parent company of First Bank, announced the signing of a merger agreement under which First Bancorp will acquire ASB Bancorp, Inc. (Nasdaq: ASBB), the parent company of Asheville Savings Bank, SSB, in a cash and stock transaction with a total current value of approximately $175 million, or $43.12 per share based on First Bancorp's closing share price on April 28, 2017.
However, the investigation concerns whether the offer is unfair to ASB Bancorp Inc (NASDAQ:ASBB stockholders. More specifically, the investigation concerns whether the ASB Bancorp Inc (NASDAQ:ASBB 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 sale.
Shares of ASB Bancorp Inc (NASDAQ:ASBB) closed on May 18, 2017 at $40.90 per share.
Those who are current investors in ASB Bancorp Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego