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 ESB Financial Corp. (“ESB” or the “Company”) (Nadaq: ESBF) relating to the proposed buyout of the Company by WesBanco Inc. (“WesBanco”).
On October 29, 2014, ESB and WesBanco announced the signing of a definitive Agreement and Plan of Merger pursuant to which WesBanco will exchange a combination of its common stock and cash for ESB common stock. Under the terms of the transaction, ESB shareholders will receive 0.502 shares of WesBanco and $1.76 in cash for each share of ESB common stock they own. The proposed transaction values ESB at approximately $17.65 per share and may undervalue the Company given its strong franchise in Pittsburgh and Western Pennsylvania. The transaction is expected to close in the first or second quarter of 2015.
The firm’s investigation seeks to determine, among other things, whether ESB’s Board of Directors failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of ESB 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 hoffman@browerpiven.com 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.