STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Peoples Federal Bancshares, Inc. (“Peoples Federal” or “the Company”) (NASDAQ: PEOP) relating to the proposed buyout of the Company by Independent Bank Corp. (“Independent”).
On August 5, 2014, Peoples Federal and Independent announced the signing of a definitive agreement pursuant to which Independent will acquire Peoples Federal. 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 firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into the transaction, and whether Independent is underpaying for Peoples Federal shares.
If you currently own common stock of Peoples Federal and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.