STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Somerset Hills Bancorp (“Somerset” or the “Company”) (Nasdaq: “SOMH”) and other violations of state law by the board of directors of Somerset relating to the proposed acquisition of the Company by Lakeland Bancorp, Inc. (“Lakeland”). The firm’s investigation seeks to determine, among other things, whether the board of directors of Somerset breached their fiduciary duties by failing to maximize shareholder value.
Under the terms of the proposed transaction, Somerset shareholders will receive, at their election, either 1.1962 shares of Lakeland common stock or $12.00 in cash for each share of Somerset common stock they own. According to Bloomberg, the EBIT and net income multiples for the proposed transaction are below those of comparable transactions.
If you currently own common stock of Somerset and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.