An investigation on behalf of investors of Steuben Trust Corporation (OTC: SBHO) in connection with the proposed takeover was announced and OTC: SBHO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/15/2019 -- An investigation was announced concerning whether the takeover of Steuben Trust Corporation is unfair to Steuben Trust Corporation (OTC: SBHO stockholders.
Investors who purchased shares of Steuben Trust Corporation (OTC: SBHO) and currently hold any of those OTC: SBHO shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Steuben Trust Corporation breached their fiduciary duties owed to OTC: SBHO investors in connection with the proposed acquisition.
Hornell, NY based Steuben Trust Corporation operates as a bank holding company for Steuben Trust Company which offers financial and banking services to individuals and businesses primarily in Steuben, Allegany, Livingston, Monroe and Wyoming counties in New York State. On October 21, 2019, Community Bank System, Inc. (NYSE: CBU) and Steuben Trust Corporation (OTC Pink: SBHO) announced that they have entered into an agreement pursuant to which Community Bank System will acquire Steuben Trust Corporation, parent company of Steuben Trust Company, in a stock and cash transaction representing total consideration valued at approximately $106.8 million. Under the terms of the agreement, shareholders of Steuben Trust Corporation will receive, for each share of common stock they own, a combination of $12.60 cash and 0.8054 shares of Community Bank System common stock, for total consideration valued at approximately $63.00 per share (based on Community Bank System's volume weighted average price of $62.58 for the thirty trading day period ending October 15, 2019).
However, given that OTC: SBHO shares rose after the takeover announcement to $66.00 per share in the open market, the investigation concerns whether the offer is unfair to Steuben Trust Corporation (OTC: SBHO stockholders. More specifically, the investigation concerns whether the Steuben Trust Corporation (OTC: SBHO 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.
Those who are current investors in Steuben Trust Corporation (OTC: SBHO) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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