BALA CYNWYD, Pa., Aug. 9, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Savannah Bancorp, Inc. ("Savannah Bancorp" or the "Company") (Nasdaq: SAVB) relating to the proposed acquisition by SCBT Financial Corporation ("SCBT").
Under the terms of the transaction, Savannah Bancorp shareholders will receive 0.2503 shares of SCBT common stock for each share of Savannah Bancorp stock they own. The transaction values Savannah Bancorp stock at approximately $9.31 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Savannah Bancorp for not acting in the Company's shareholders' best interests in connection with the sale process to SCBT. The transaction undervalue the Company as Savannah Bancorp stock traded at $9.50 per share on August 9, 2012 and an analyst target price for Savannah Bancorp stock at $10.50 per share.
If you own shares of Savannah Bancorp stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [email protected] visiting http://brodsky-smith.com/464-savb-savannah-bancorp-inc.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC