BALA CYNWYD, Pa., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
Village Bank and Trust Financial Corp. (Nasdaq - VBFC)
Under the terms of the agreement, Village will be acquired by TowneBank (Nasdaq - TOWN) for $80.25 per share in cash for each share of Village outstanding common stock. This corresponds to an aggregate transaction value of approximately $120.0 million, based on Village common stock currently outstanding. The investigation concerns whether the Village Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal consideration offers fair value to the Company’s shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/village-bank-trust-financial-corp-nasdaq-vbfc/.
Smartsheet Inc. (NYSE - SMAR)
Under the terms of the Merger Agreement, Smartsheet will be acquired by funds managed by Blackstone and Vista Equity Partners (the “Buyers”) in an all-cash transaction valued at approximately $8.4 billion. The Buyers would acquire all the outstanding shares held by Smartsheet shareholders for $56.50 per share in cash upon the closing of the proposed transaction. The investigation concerns whether the Smartsheet Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal consideration offers fair value to the Company’s shareholders.
Additional information can be found at https://www.brodskysmith.com/cases/smartsheet-inc-nyse-smar/.
Northway Financial, Inc. (OTCQB - NWYF)
Under the terms of the agreement, Northway will be acquired by Camden National Corporation (“Camden National”) (Nasdaq - CAC). Northway shareholders will receive 0.83 shares of Camden National common stock for each outstanding share of Northway common stock. Based on Camden National's closing stock price of $37.90 on September 9, 2024, the transaction is valued at approximately $86.6 million or $31.46 per share of Northway common stock. Upon completion of the transaction, Camden National shareholders will own approximately 86% of the combined company and Northway's shareholders will own approximately 14% of the combined company. The investigation concerns whether the Northway Financial Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Camden National is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/northway-financial-inc-otcqb-nwyf/.
Evans Bancorp, Inc. (NYSE American - EVBN)
Under the terms of the agreement, Evans Bancorp will be acquired by NBT Bancorp Inc. (“NBT”) (Nasdaq - NBTB). NBT will acquire 100% of the outstanding shares of Evans Bancorp in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans Bancorp, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. The investigation concerns whether the Evans Bancorp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether NBT is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/evans-bancorp-inc-nyse-american-evbn/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
