An investigation on behalf of investors of Lake Sunapee Bank Group (NASDAQ:LSBG) in connection with the proposed takeover was announced and NASDAQ:LSBG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/19/2016 -- An investigation for investors, who currently hold shares of Lake Sunapee Bank Group (NASDAQ:LSBG), was announced concerning whether the buyout of Lake Sunapee Bank Group . by Bar Harbor Bankshares for a value of approximately $17.00 per share is unfair.
Investors who purchased shares of Lake Sunapee Bank Group (NASDAQ:LSBG) and currently hold any of those NASDAQ:LSBG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Lake Sunapee Bank Group directors breached their fiduciary duties owed to NASDAQ:LSBG investors in connection with the proposed acquisition.
On May 5, 2016, Bar Harbor Bankshares (NYSE MKT: BHB) and Lake Sunapee Bank Group (NASDAQ: LSBG) announced that they have signed a merger agreement pursuant to which Bar Harbor will acquire Lake Sunapee in an all-stock transaction valued at approximately $143 million, or approximately $17.00 per share. Under the terms of the merger agreement, each outstanding share of Lake Sunapee common stock will be exchanged for 0.4970 shares of Bar Harbor common stock.
However, the investigation concerns whether the offer is unfair to NASDAQ:LSBG stockholders. More specifically, the investigation concerns whether the Lake Sunapee Bank Group 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 Lake Sunapee Bank Group (NASDAQ:LSBG) closed on May 18, 2016, at $15.36 per share.
Those who are current investors in Lake Sunapee Bank Group shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com