NEW YORK, June 3, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Polonia Bancorp, Inc. ("Polonia" or the "Company") (NASDAQ: PBCP) concerning the proposed acquisition of the Company by Prudential Bancorp, Inc. ("Prudential").
Under the terms of the offer, shareholders of Polonia will be entitled to elect to receive either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of Polonia, subject to proration and allocation to ensure that 50% of outstanding Polonia shares are exchanged for shares of Prudential common stock and 50% are exchanged for cash.
The proposed transaction, however, offers no premium to Polonia shareholders. The proposed consideration is far below Polonia's 52-week high of $15.99 per share. As recently as October 27, 2016, Polonia shares closed at $13.50 per share and, on January 27, 2016, Polonia shares closed at $11.50 per share, both higher than the proposed consideration.
Our investigation concerns whether the Polonia board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company stockholders.
If you own Polonia shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
James G. Flynn, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400, (212) 935-7400
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Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP