STEVENSON, Md., July 1, 2015 /PRNewswire/ -- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Ameriana Bancorp ("Ameriana" or the "Company") (NasdaqCM: ASBI) relating to the proposed buyout of the Company by First Merchants Corporation, in a transaction valued at approximately $68.8 million.
Under the terms of the transaction, Ameriana shareholders are anticipated to receive 0.9037 shares of First Merchants for each share of Ameriana they own. Based on First Merchants' closing price on June 26, 2015, Ameriana shareholders would have received compensation valued at approximately $22.71 per share. The firm's investigation seeks to determine, among other things, whether the Company's Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company's shares of common stock.
If you currently own common stock of Ameriana and believe that the proposed buyout price is too low, or you would like to learn more about the investigation being conducted by Brower Piven, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
SOURCE Brower Piven, A Professional Corporation