MILWAUKEE, Feb. 22, 2021 /PRNewswire/ -- Ademi LLP is investigating People's United (NYSE: PBCT) for possible breaches of fiduciary duty and other violations of law in its transaction with M&T.
Click here to learn how to join the action: http://ademilaw.com/case/peoples-united-financial-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges People's United's financial outlook is improving and yet People's United shareholders will receive only 0.118 of a share of M&T common stock for each People's United share they own. Following completion of the transaction, former People's United shareholders will collectively own approximately 28% of the combined company. The implied total transaction value based on closing prices on February 19, 2021 is approximately $7.6 billion. The merger agreement unreasonably limits competing bids for People's United by prohibiting solicitation of further bids, and imposing a termination penalty if People's United accepts a superior bid. People's United insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of People's United's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for People's United.
If you own People's United common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or http://ademilaw.com/case/peoples-united-financial-inc.
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SOURCE Ademi LLP