SAN DIEGO and FORT WORTH, Texas, April 30, 2014 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
proposed acquisition of OmniAmerican Bancorp, Inc. (NASDAQ: OABC)
by Southside Bancshares, Inc. (NASDAQ: SBSI). On April 29, 2014, OmniAmerican and Southside
announced the signing of a definitive merger agreement pursuant to
which OmniAmerican shareholders will receive a combination of
$13.125 in cash and .4459 shares of
Southside common stock for each share of OmniAmerican common stock
owned, representing a total per share value of $26.71.
Is the Proposed Acquisition Best for OmniAmerican and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at OmniAmerican is undertaking a fair process to
obtain maximum value and adequately compensate OmniAmerican
shareholders. As an initial matter, the $26.71 merger consideration represents a premium
of just 16.5% based on OmniAmerican's closing price of $22.93 on April 28,
2014, the last day of trading prior to the merger
announcement. This premium is significantly below the average
one day premium of 29.55% for comparable transactions in the last
three years.
In addition, on February 28, 2014,
OmniAmerican released its financial results for the fourth quarter
and fiscal year 2013, reporting strong increases in net income and
loans. Specifically, OmniAmerican's net income increased from
$1.2 million in the fourth quarter of
2012 to $1.6 million in the fourth
quarter of 2013. Similarly, fiscal year 2013 net income increased
12.8% from $5.7 million in 2012 to
$6.4 million in 2013. Total loans
also increased 12.2% from $735.3
million at December 31, 2012,
to $824.9 million at December 31, 2013.
Given these facts, Robbins Arroyo LLP is examining the
OmniAmerican board of directors' decision to sell the company to
Southside. OmniAmerican shareholders have the option to file
a class action lawsuit to ensure the board of directors obtains the
best possible price for shareholders and the disclosure of material
information. OmniAmerican shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP