NEW YORK, July 6, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Sun Bancorp, Inc.
("SNBC" or the "Company") (NASDAQ: SNBC) in connection with the
proposed acquisition of the Company by OceanFirst Financial Corp.
("OceanFirst") (NASDAQ: OCFC). Under the terms of the
agreement, the Company's shareholders can elect to receive
$3.78 in cash and 0.7884 of a share
of OceanFirst, or else a one-time cash payment or stock for each
share of SNBC they own; this represents consideration of
$25.27 per SNBC share.
WeissLaw is investigating whether SNBC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the per-share consideration is approximately $3.00 lower than the analyst target price of
$28.00, and $1.53 less the Company's 52-week high of
$26.80.
Furthermore, the deal is a strategic transaction that will
strengthen OceanFirst's industry position. According the
acquisition announcement, this will establish OceanFirst as "the
largest bank headquartered in central and southern New Jersey," and grant it access to more
robust markets in the neighboring New
York and Philadelphia metro
areas. OceanFirst also expects the transaction to be
accretive to earnings per share by approximately 3.6% in the year
following the completion of the deal.
Given these facts, WeissLaw is investigating whether SNBC's
Board acted in the best interests of SNBC's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own SNBC shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Mark Smilow by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or visit our website,
http://www.weisslawllp.com/sun-bancorp-inc/
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SOURCE WeissLaw LLP