San Diego, CA -- (SBWIRE) -- 06/03/2014 -- An investigation on behalf of investors, who currently hold shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) shares, was announced concerning whether the takeover of OmniAmerican Bancorp, Inc. by Southside Bancshares, Inc for a value of approximately $26.71 per share is unfair to OmniAmerican Bancorp, Inc. (NASDAQ:OABC stockholders.
Investors who purchased shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) and currently hold any of those OmniAmerican Bancorp, Inc. (NASDAQ:OABC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of OmniAmerican Bancorp, Inc. breached their fiduciary duties owed to (NASDAQ:OABC investors in connection with the proposed acquisition.
On April 29, 2014, Southside Bancshares, Inc. (Nasdaq:SBSI), parent company of Tyler, Texas-based Southside Bank, and OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for Fort Worth, Texas-based OmniAmerican Bank, announced that they have signed an agreement under which OmniAmerican will merge into Southside. Under the terms of the agreement, OmniAmerican shareholders will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock. Based on Southside's closing stock price of $30.46 on April 28, 2014, the per share value of consideration to OmniAmerican shareholders would be $26.71.
However, the investigation concerns whether the offer is unfair to NASDAQ:OABC stockholders.
More specifically, the investigation concerns whether the OmniAmerican 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.
OmniAmerican Bancorp, Inc. (NASDAQ:OABC) reported that its Net Income rose from $1.66 millio in 2010 to $6.43 million in 2013. Shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) grew from $10.87 per share in February 2010 to as high as $26.48 per share in February 2013.
On Mya 30, 2014, NASDAQ:OABC shares closed at $24.07 per share.
Those who are current investors in OmniAmerican Bancorp, Inc. (NASDAQ:OABC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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