The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of OmniAmerican Bancorp, Inc. Buyout Proposal
SMITHTOWN, NY, May 5, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of OmniAmerican Bancorp, Inc.(“Omni”) (NASDAQ GS: OABC) for possible breaches of fiduciary duties and other violations of law in connection with Omni’s agreement to be acquired by Southside Bancshares, Inc. (“Southside”)(NASDAQ GS: SBSI), in a transaction valued at approximately $307 million.
Under the terms of the agreement, public shareholders of Omni would receive 0.4459 shares of Southside common stock plus $13.125 in cash for each share of Omni they own. Based on Southside’s closing stock price on April 28, 2014, Omni shareholders would have received consideration valued at approximately $26.71 per share.
The investigation concerns whether Omni’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to Omni’s stockholders would be fair and adequate, and whether Omni is acting in its stockholders’ best interests.