Atlantic Coast Financial (ACFC) Merger Investigation
Atlantic Coast Financial (ACFC) merger lawsuit summary
Atlantic Coast Financial (ACFC) announced it has entered into a definitive merger agreement whereby Atlantic Coast Financial agreed to be acquired by Bond Street Holdings, Inc. Under the terms of the proposed Atlantic Coast Financial merger agreement, ACFC shareholders will receive 5.00 per share in cash for each share of ACFC they own. $2.00 however will be held in an escrow account and will be available to cover losses from stockholder claims for one year or until the final resolution of such claims.
Is this a fair deal for ACFC Shareholders?
Is $5.00 fair value for ACFC shareholders? In particular, published reports indicate that Atlantic Coast has a reported a book value of $16.96 per share for themost recent quarter.
Have Atlantic Coast Financial’s board members complied with all duties owed to ACFC shareholders? In particular, is holding $2.00 in escrow for one full year fair to ACFC shareholders?
Has the Atlantic Coast Financial board of directors properly shopped the company to all possible suitors?
Atlantic Coast Financial (ACFC) merger shareholder investigation
We are investigating whether the proposed transaction is fair to Atlantic Coast Financial shareholders. The investigation concerns whether the Atlantic Coast Financial board of directors’ process for consideration of the proposed transaction was adequate, whether Atlantic Coast Financial is acting in its shareholders’ best interests and whether the proposed share price to be paid to ACFC shareholders is fair and adequate.
If you own the common stock of Atlantic Coast Financial and if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please fill out the contact form on this web page or call Attorney George Pressly at Morgan & Morgan toll free at 1 (800) 631-6234.
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