Robbins Arroyo LLP: Acquisition of Cape Bancorp Incorporated (CBNJ) by OceanFirst Financial Corp. (OCFC) May Not Be in Shareh...
12 Gennaio 2016 - 9:42PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Cape Bancorp Inc.
(NASDAQ: CBNJ) by OceanFirst Financial Corp. (NASDAQ: OCFC). On
January 5, 2016, the two companies announced the signing of a
definitive merger agreement pursuant to which OceanFirst will
acquire Cape Bancorp. Under the terms of the agreement, Cape
Bancorp shareholders will receive $2.25 in cash and 0.6375 shares
of OceanFirst for each share of Cape Bancorp common stock, the
value of which is equivalent to $15.00 per share of Cape
Bancorp.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/cape-bancorp-inc
Is the Proposed Acquisition Best for Cape Bancorp and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Cape Bancorp is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $15.00 merger consideration represents
a premium of only 20.3% based on Cape Bancorp's average one-month
closing price. This premium is significantly below the average
one-month premium of nearly 37.5% for comparable transactions
within the past five years.
On October 23, 2015, Cape Bancorp reported strong earnings
results for its third quarter 2015. Interest income for the quarter
was $13.7 million, an increase of 36% compared to the same period
last year. Net income for the quarter was $3.1 million, an increase
of 82% compared to the same period last year.
In light of these facts, Robbins Arroyo LLP is examining Cape
Bancorp's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Cape Bancorp 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.
Cape Bancorp 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160112006473/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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