The Shareholders Foundation announces that an investor, who currently holds shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) filed a lawsuit in effort to halt the takeover of 1st United Bancorp Inc by Valley National Bancorp.
Investors who purchased shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) and currently hold any of those NASDAQ:FUBC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:FUBC stockholders by agreeing to sell 1st United Bancorp Inc too cheaply via an unfair process to Valley National Bancorp
On May 8, 2014 the Boards of Directors of Valley National Bancorp (NYSE: VLY) and 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) announced that the companies have entered into a merger agreement whereby the common shareholders of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) will receive 0.89 of a share of Valley National Bancorp (NYSE: VLY) common stock for each 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) share they own, subject to adjustment in the event Valley’s average stock price falls below $8.09 or rises above $12.13 prior to closing. Based on a closing price of Valley National Bancorp (NYSE: VLY) of $9.83 per share on May 5, 2014 shareholders of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) will receive approximately $8.75 per share.
However, the plaintiff claims that the offer is too low and undervalues 1st United Bancorp Inc.
1st United Bancorp Inc reported that its annual Net Income increased from $1.60 million in 2010 to $6.87 million in 2013. Shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) grew from $4.68 per share in September 2011 to as high as $8.16 per share in April 2014.
On June 6, 2014, NASDAQ:FUBC shares closed at $8.64 per share.
Those who are current investors in 1st United Bancorp Inc (Florida) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com