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Sterling Bancorp Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to Provident New York

DALLAS–(BUSINESS WIRE)– Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Sterling Bancorp (“Sterling”) (NYS: STL) to Provident New York Bancorp for shareholders. Under the terms of the proposed transaction valued at approximately $344 million, Sterling shareholders will only receive 1.2625 shares of Provident for each share of Sterling stock owned, valued at approximately $11.12 per share.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. There is no cost or fee to you.

The Sterling sale investigation centers on whether Sterling’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Sterling’s stock, and whether Sterling’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, according to Yahoo! Finance, at least one analyst valued the true inherent price of Sterling stock at $11.50 per share. Shareholder rights attorney Patrick Powers stated that “due to the nature of the stock for stock transaction, the proposed sale price, the size of the deal and other factors, we believe this transaction may undervalue Sterling’s stock. Our proposed lawsuit will seek to ensure that shareholders are receiving the highest share price for their shares.”

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
WBriscoe@TheBriscoeLawFirm.com
or
Powers Taylor, LLP
Zach Groover, 877-728-9607
zach@powerstaylor.com

KEYWORDS: United States North America Texas

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The article Sterling Bancorp …read more

Source: FULL ARTICLE at DailyFinance

By Sean Williams, The Motley Fool

Filed under: Investing

Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on big changes — just in case they’re material to our investing thesis.

What: Shares of Northeast regional bank Sterling Bancorp shot higher by as much as 16% after it agreed to be purchased by Provident New York Bancorp .

So what: Provident agreed to buy Sterling in what was valued at $344 million when the deal was announced — shares of both companies have moved higher since then. Sterling shareholders will be receiving 1.2625 shares of Provident common stock and should expect the deal to close in the fourth quarter. When added to the fold, Provident shareholders will own 53% of the company, and Sterling shareholders the remaining 47%. Provident plans to use an $80 million debt offering to help fund the deal and anticipates it will be accretive to its 2014 EPS.

Now what: The deal really does make sense for both parties involved because they both service small- to medium-sized businesses in the New York metropolitan area. Synergies from the deal should help boost profits as the combined entity will have close to $7 billion in underlying assets. This seems like a win-win for both companies.

Craving more input? Start by adding Sterling Bancorp to your free and personalized Watchlist so you can keep up on the latest news with the company.

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The article Sterling Bancorp Shares Soar As It Agrees to a Buyout originally appeared on Fool.com.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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Source: FULL ARTICLE at DailyFinance

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