Abington Bancorp, Inc. directors face investor investigation

Jan. 31, 2011 - PRLog -- After Abington Bancorp, Inc. announced that its board of directors agreed to a buyout offer valuing ABBC shares at $13.04 per share an investigation for investors of Abington Bancorp, Inc.  over possible breaches of fiduciary duty was announced.

If you are a long term investor in Abington Bancorp, Inc.  and currently hold those ABBC shares, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain directors and officers at Abington Bancorp, Inc.  breached or will breach their fiduciary duties in connection with the proposed takeover.

On January 26, 2011, Abington Bancorp, Inc.  and Susquehanna Bancshares, Inc.  announced the signing of an agreement under which Susquehanna Bancshares, Inc. will acquire all outstanding shares of common stock of Abington Bancorp, Inc. in a stock-for-stock transaction with an approximate total value of $273 million. Under terms of the agreement, Abington Bancorp, Inc. shareholders will receive 1.32 shares of Susquehanna Bancshares, Inc common stock (SUSQ) for each share of Abington Bancorp, Inc. common stock(ABBC). Based on closing prices of Susquehanna Bancshares, Inc’s and Abington Bancorp, Inc.’s common stock on January 25, 2011, represents a price of $13.04 per Abington share,

According to Abington Bancorp, Inc the offer represents a premium of 13.8% over Abington Bancorp’s closing price and based on the average closing price of Susquehanna Bancshares’ common stock for the five-day period ended January 25, 2011, this would represent a price of $13.16 per Abington share or a premium of 14.8% over Abington’s closing price on January 25, 2011.
Abington Bancorp, Inc. reported in 2010 a Net Income of $7.69million. Its shares of  closed the day before the announcement at $11.61 and increased in response to the takeover news to $12.52 per share.

The investigation by a law firm concerns whether the Abington Bancorp Board of Directors undertook an adequate and fair sales process, whether they breached their fiduciary duties Abington Bancorp, Inc.  shareholder by agreeing to an offer that undervalues Abington Bancorp, Inc, and whether they breached their fiduciary duties by failing to adequately shop the Company before entering into the transaction, in other words rushing into the buyout. A potential class action lawsuit would seek to maximize the amount of money and information Abington Bancorp (ABBC) shareholders would receive in a buyout, so the law firm.

Those who are long term investors in Abington Bancorp, Inc. (Public, NASDAQ-ABBC) and currently hold those ABBC shares, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.