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 Sun Bancorp, Inc. (Nasdaq: SNBC) (“Sun” or the “Company”) relating to the proposed buyout of Sun by OceanFirst Financial Corp.
Under the terms of the agreement, Sun shareholders are anticipated to receive the equivalent of 0.7884 shares of OceanFirst common stock and $3.78 in cash per share of Sun common stock held. Sun shareholders may elect to receive stock or cash for their shares, and the merger agreement will include a mechanism whereby the per share cash consideration and the implied value of the stock consideration will be equivalent based on the average OceanFirst share price over the five trading day period ending on the trading day immediately prior to the closing date. Based on the closing price of OceanFirst common stock on June 29, 2017, this represents approximately $25.27 per share. Shareholders owning approximately 39% of Sun’s outstanding common stock have already agreed to tender their shares.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to 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 Sun and believe that the proposed buyout price is too low, and you would like to learn more about the investigation being conducted by Brower Piven, 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.