Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of BSB Bancorp, Inc. (NASDAQCM: BLMT) to People’s United Financial, Inc. (NASDAQGS: PBCT). Under the terms of the transaction, BSB shareholders will receive 2.0 shares of People’s United stock for each BSB share they own. This represents an approximate value of $32.42 per share.
The BSB merger investigation concerns whether the Board of BSB breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether People’s United is underpaying for BSB shares, thus unlawfully harming BSB shareholders.
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