|Company name||SB One Bancorp|
NEW YORK, March 12, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of SB One Bancorp (NASDAQ: SBBX) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Provident Financial Services.
On March 12, 2020 SB One announced that it had signed an agreement to be acquired by Provident for approximately $208.9 million. Per the merger agreement SB One’s stockholders will receive 1.357 shares of Provident common stock fore each share of SB One common stock owned. The deal is scheduled to close in the third quarter of 2020.
Bragar Eagel & Squire is concerned that SB One’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for SB One’s stockholders.