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 dutis 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
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.
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