An investigation on behalf of investors of BSB Bancorp, Inc. (NASDAQ: BLMT) in connection with the proposed takeover was announced and NASDAQ: BLMT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/07/2018 -- The takeover of BSB Bancorp, Inc. is under investigation concerning whether the acquisition of BSB Bancorp, Inc. is unfair to NASDAQ: BLMT stockholders.
Investors who purchased shares of BSB Bancorp, Inc. (NASDAQ: BLMT) and currently hold any of those NASDAQ: BLMT shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of BSB Bancorp, Inc. breached their fiduciary duties owed to NASDAQ: BLMT investors in connection with the proposed acquisition.
Belmont, MA based BSB Bancorp, Inc. operates as the holding company for Belmont Savings Bank that provides commercial and retail banking services to small businesses, municipalities, nonprofit organizations, and other customers in the United States. On November 27, 2018, People's United Financial, Inc. (NASDAQ: PBCT), the holding company for People's United Bank, N.A., announced an agreement to acquire BSB Bancorp, Inc. (NASDAQ: BLMT), the holding company for Belmont Savings Bank, a state-chartered savings bank headquartered in Belmont, Massachusetts, in a 100% stock transaction valued at approximately $327 million. Under the terms of the agreement, which has been approved by both companies' boards of directors, BSB Bancorp, Inc. stockholders will receive 2.0 shares of People's United Financial stock for each BSB Bancorp, Inc. share. The transaction is valued at $32.42 per BSB Bancorp, Inc. share, based on the closing price of People's United's common stock on November 26, 2018.
However, given that in the open market NASDAQ: BLMT shares reached as high as $36.20 per share in June 2018, the investigation concerns whether the offer is unfair to NASDAQ: BLMT stockholders. More specifically, the investigation concerns whether the BSB Bancorp 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.
BSB Bancorp, Inc. reported that its annual Total Revenue rose from $47.75 million in 2016 to $56.95 million in 2017 and that its Net Income increased from $11.98 million in 2016 to $14.38 million in 2017.
Shares of BSB Bancorp, Inc. (NASDAQ: BLMT) closed on December 6, 2018, at $31.82 per share.
Those who are current investors in BSB Bancorp, Inc. (NASDAQ: BLMT) shares have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.