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 Smilowby telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
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 email@example.com or visit our website, http://www.weisslawllp.com/sun-bancorp-inc/