Indiana Community Bancorp Investor Alert: Merger faces Investigations

Jan. 31, 2012 - PRLog -- Following the announcement that Indiana Community Bancorp agreed to be acquired by Old National Bancorp prompted an investigation for investors in NASDAQ-INCB shares concerning whether the offer to acquire Indiana Community Bancorp and the buyout process are unfair to investors in INCB shares.

If you are a current investor in Indiana Community Bancorp ) and purchased your NASDAQ-INCB shares prior to the announcement, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

The investigations by law firms concern whether Indiana Community Bancorp, certain officers and directors, and/or others breached their fiduciary duties to Indiana Community Bancorp (INCB) investors in connection with the proposed acquisition.

On January 25, 2012, Indiana Community Bancorp  and Old National Bancorp   announced the execution of an agreement pursuant to which Old National Bancorp will acquire Indiana Community Bancorp through a merger. Under the terms of the proposed transaction, Indiana Community Bancorp shareholders will receive 1.90 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them.

Based upon a $12.00 per share Old National Bancorp common stock price (stock price based on 20 day average from December 21, 2011, to January 20, 2012) the transaction is valued at approximately $79.2 million.
Following the takeover news shares of Indiana Community Bancorp  rose from $14.51 on Jan 24 2012 to $21.20 per share on January 25, 2012.


However, the investigation for NASDAQ-INCB investors concerns whether the Indiana Community Bancorp Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to INCB shareholders by failing to adequately shop the Company before entering into this transaction. A potential securities class action lawsuit would seek to maximize the amount of money and information Indiana Community Bancorp shareholders would receive in a buyout, so the law firm.

Those who are current investors in Indiana Community Bancorp  and purchased your NASDAQ-INCB shares prior to the announcement, have certain options and should contact the Shareholders Foundation .

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. 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.