San Diego, CA -- (SBWIRE) -- 08/20/2014 -- An investigation on behalf of investors, who currently hold shares of Peoples Federal Bancshares, Inc. (NASDAQ:PEOP), was announced concerning whether the takeover of Peoples Federal Bancshares, Inc. by Independent Bank Corp is unfair to NASDAQ:PEOP stockholders.

Investors who purchased shares of Peoples Federal Bancshares, Inc. (NASDAQ:PEOP) and currently hold any of those NASDAQ:PEOP 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 officers and directors of Peoples Federal Bancshares, Inc. breached their fiduciary duties owed to NASDAQ:PEOP investors in connection with the proposed acquisition.

On August 5, 2014 Independent Bank Corp. (Nasdaq:INDB), parent of Rockland Trust Company, and Peoples Federal Bancshares, Inc. (Nasdaq:PEOP), parent of Peoples Federal Savings Bank, have signed an agreement for Independent Bank Corp. to acquire Peoples Federal Bancshares, Inc. and Rockland Trust Company to acquire Peoples Federal Savings Bank. The agreement provides that 60% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for Independent shares at a fixed exchange ratio of .5523 of an Independent share for each Peoples Federal Bancshares, Inc. share and the remaining 40% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for $21.00 per share in cash. Based upon Independent's $36.17 per share closing price on August 4, 2014 the transaction is valued at approximately $130.6 million.

However, the investigation concerns whether the offer is unfair to NASDAQ:PEOP stockholders. More specifically, the investigation concerns whether the Peoples Federal Bancshares 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.

Peoples Federal Bancshares, Inc. reported that its Net Income increased from $1.66 million for the 12 months period that ended on Sept. 30, 2012 to $2.29 million for the 12 months period that ended on Sept. 30, 2013.

Shares of Peoples Federal Bancshares, Inc. (NASDAQ:PEOP) grew from $10.37 per share in August 2010 to as high as $19.04 per share in mid-2013.

On August 18, 2014, NASDAQ:PEOP shares closed at $20.00 per share.

Those who are current investors in Peoples Federal Bancshares, Inc. (NASDAQ:PEOP) 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