An investigation on behalf of investors of Oritani Financial Corp. (NASDAQ: ORIT) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 07/22/2019 -- An investigation was announced concerning whether the acquisition of Oritani Financial Corp. is unfair to NASDAQ: ORIT stockholders.
Investors who purchased shares of Oritani Financial Corp. (NASDAQ: ORIT) and currently hold any of those NASDAQ: ORIT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of Oritani Financial Corp breached their fiduciary duties owed to NASDAQ: ORIT investors in connection with the proposed acquisition.
Washington Township, NJ based Oritani Financial Corp. operates as a savings and loan holding company for Oritani Bank that provides various banking services for individual and corporate customers. On June 26, 2019, Valley National Bancorp ("Valley") (NASDAQ:VLY) announced that it is doubling its market share in demographically attractive Bergen County and enhancing its presence in Hudson County by acquiring Oritani Financial Corp. The companies have entered into a merger agreement in which the common shareholders of Oritani will receive 1.60 shares of Valley common stock for each Oritani share they own. Based on a closing price of $10.18 per NASDAQ: VLY shares on June 25 2019, investors of Oritani Financial Corp. (NASDAQ: ORIT) will receive a value of approximately $16.29 per NASDAQ: ORIT share.
However, given that at least one analyst has set the high target price for NASDAQ: ORIT shares at $19.00 per share and given that NASDAQ: ORIT shares traded in the open market prior to the takeover announcement as high as $18.01 per share in February 2018, the investigation concerns whether the offer is unfair to NASDAQ: ORIT stockholders. More specifically, the investigation concerns whether the Oritani Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Oritani Financial Corp. (NASDAQ: ORIT) closed on July 19, 2019, at $17.34 per share.
Those who are current investors in Oritani Financial Corp. (NASDAQ: ORIT) shares have certain options and should contact the Shareholders Foundation.
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