An investigation for shareholders in NewBridge Bancorp (NASDAQ:NBBC) in connection with the proposed takeover was announced and NASDAQ:NBBC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 11/02/2015 -- An investigation for shareholders in NASDAQ:NBBC shares was announced concerning whether the takeover of NewBridge Bancorp by Yadkin Financial Corporation for $11.40 per share is unfair to NASDAQ:NBBC stockholders.
On October 13, 2015, Yadkin Financial Corporation and NewBridge Bancorp (NASDAQ:NBBC) announced that they have entered into a merger agreement, pursuant to which Yadkin Financial Corporation will acquire NewBridge Bancorp (NASDAQ:NBBC).
Investors who purchased shares of NewBridge Bancorp (NASDAQ:NBBC) and currently hold any of those NASDAQ:NBBC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of NewBridge Bancorp breached their fiduciary duties owed to NASDAQ:NBBC investors in connection with the proposed acquisition.
Under the terms of the proposed transaction Yadkin Financial Corporation will acquire 100% of the outstanding shares of NewBridge in exchange for shares of Yadkin Financial Corporation's common stock. The exchange ratio has been fixed at 0.50 shares of Yadkin's common stock for each share of NewBridge which equates to a deal value of $11.40 per share, or approximately $456 million in the aggregate, based on YDKN's closing price of $22.79 as of October 12, 2015.
However, the investigation concerns whether the offer is unfair to NASDAQ:NBBC stockholders. More specifically, the investigation concerns whether the NewBridge Bancorp 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 NewBridge Bancorp (NASDAQ:NBBC) closed on October 30, 2015, at $11.31 per share.
Those who are current investors in NewBridge Bancorp (NASDAQ:NBBC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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