INVESTOR ALERT: The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of 1st United Bancorp, Inc. Buyout Proposal
SMITHTOWN, NY, May 9, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of 1st United Bancorp, Inc. (“1st United”) (NASDAQ GS: FUBC) for possible breaches of fiduciary duties and other violations of law in connection with 1st United’s agreement to be acquired by Valley National Bancorp (“Valley”) (NYSE: VLY),in a transaction valued at approximately $312 million.
Under the terms of the agreement, public shareholders of 1st United would receive 0.89 shares of Valley common stock for each share of 1st United they own.
The investigation concerns whether 1st United’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to 1st United’s stockholders would be fair and adequate, and whether 1st United is acting in its stockholders’ best interests.