Mayflower Bancorp, Inc. Merger Litigation (Nasdaq: MFLR)
SHAREHOLDER ALERT: Law Office of Brodsky & Smith, LLC Announces Investigation of Mayflower Bancorp, Inc. - MFLR
BALA CYNWYD, May 17, 2013 /PRNewswire/ –Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Mayflower Bancorp, Inc. (“Mayflower” or the “Company”) (Nasdaq - MFLR-News) relating to the proposed acquisition by Independent Bank Corp. (“Independent”).
Under the terms of the transaction Mayflower shareholders may elect to receive either 0.565 of a share of Independent stock or $17.50 in cash for each share of Mayflower stock they own. However, 30% of the outstanding Mayflower shares will be exchanged for cash consideration. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Mayflower for not acting in the Company’s shareholders' best interests in connection with the sale process. The offer may undervalue the Company as Mayflower stock traded at $17.98 per share as recently as May 17, 2013. In addition, as stated in Independent’s press release, Mayflower is a profitable institution with an excellent deposit base and strong credit quality. Mayflower has $236 million in deposits and approximately $141 million in loans.
If you own shares of Mayflower stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and case action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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