|By PR Newswire||
|August 8, 2014 09:45 PM EDT||
BALA CYNWYD, Pa., Aug. 8, 2014 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Peoples Federal Bancshares, Inc. ("Peoples Federal" or the "Company") (Nasdaq: PEOP) relating to the proposed acquisition by Independent Bank Corp ("Independent").
Click here to learn more about the investigation http://brodsky-smith.com/805-peop-peoples-federal-bancshares-inc.html, or call: 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, 60% of Peoples Federal outstanding shares will be exchanged for Independent shares at a fixed ratio of 0.5523 per Peoples Federal share, with the remaining 40% exchanged for $21.00 per share in cash. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Peoples Federal for not acting in the Company's shareholders' best interests in connection with the sale process.
The transaction may undervalue the Company as Peoples Federal has approximately $606 million in total assets, $435 million of deposits, and $497 in loans. In addition, Independent has indicated that the Peoples Federal acquisition will be approximately $0.02 accretive to 2015 earnings, exclusive of one-time charges, and believes the transaction will generate an internal rate of return of approximately 16%.
If you own shares of Peoples Federal common stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [email protected], by visiting http://brodsky-smith.com/805-peop-peoples-federal-bancshares-inc.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and case action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Brodsky & Smith, LLC
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