The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of OBA Financial Services, Inc. Buyout Proposal
SMITHTOWN, NY, April 9, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of OBA Financial Services, Inc. (“OBA”) (NASDAQ CM: OBAF) for possible breaches of fiduciary duties and other violations of law in connection with OBA’s agreement to be acquired by F.N.B. Corporation (“F.N.B.”) (NYSE: FNB), in a transaction valued at approximately $94 million.
Under the terms of the agreement, public shareholders of OBA would receive 1.781 shares of F.N.B. common stock for each share of OBA they own. Based on F.N.B.’s closing stock price on April 7, 2014, OBA shareholders would have received consideration valued at approximately $23.82 per share.
The investigation concerns whether OBA’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to OBA’s stockholders would be fair and adequate, and whether OBA is acting in its stockholders’ best interests.