A lawsuit was filed for investors in shares of Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA) in connection with the proposed takeover and NASDAQ:RBPAA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/18/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA), filed a lawsuit against the proposed takeover of Royal Bancshares of Pennsylvania, Inc. by Bryn Mawr Bank Corporation.
Investors who purchased shares of Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA) and currently hold any of those NASDAQ:RBPAA shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RBPAA stockholders by agreeing to sell Royal Bancshares of Pennsylvania, Inc. too cheaply via an unfair process to Bryn Mawr Bank Corporation.
On January 31, 2017, Bryn Mawr Bank Corporation (Nasdaq:BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), announced that Bryn Mawr Bank Corporation has entered into an agreement and plan of merger (the "Merger Agreement") to acquire Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA), parent company of Royal Bank America, in a transaction with an aggregate value of $127.7 million. Under the terms of the Merger Agreement, Class A shareholders of Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA) will receive 0.1025 shares of the Corporation's common stock for each share of Royal Bancshares of Pennsylvania, Inc's Class A common stock and Class B shareholders of Royal Bancshares of Pennsylvania, Inc. will receive 0.1179 shares of the Corporation's common stock for each share of Royal Class B common stock.
However, plaintiff claims that the proposed consideration NASDAQ:RBPAA shareholders will receive is grossly inadequate and undervalues Royal Bancshares of Pennsylvania, Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:RBPAA stockholders.
Shares of Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA) closed on April 17, 2017, at $4.02 per share
Those who are current investors in Royal Bancshares of Pennsylvania, Inc. 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