INVESTOR ALERT: The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of SP Bancorp, Inc. Buyout Proposal
SMITHTOWN, NY, May 15, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of SP Bancorp, Inc. (“SP”) (NASDAQ CM: SPBC) for possible breaches of fiduciary duties and other violations of law in connection with SP’s agreement to be acquired by Green Bancorp, Inc. (“Green”) in a transaction valued at approximately $46.2 million.
Under the terms of the agreement, public shareholders of SP would receive $29.55 in cash for each share of SP they own.
The investigation concerns whether SP’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to SP’s stockholders would be fair and adequate, and whether SP is acting in its stockholders’ best interests.