NEW YORK, July 13, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ocean Shore Holding Co. ("Ocean Shore" or the "Company") (NASDAQ: OSHC (ISIN: US67501R1032) (CUSIP: 67501R103) concerning the proposed acquisition of Ocean Shore by OceanFirst Financial Corporation ("OceanFirst").
Ocean Shore shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at [email protected] or 212-661-1100 or 888-476-6529, ext. 9980.
The investigation concerns whether the Ocean Shore directors are breaching their fiduciary duties by failing to adequately maximize shareholder value. Under the terms of the proposed transaction, Ocean Shore common stock will be entitled to receive $4.35 in cash and 0.9667 shares of OceanFirst common stock for each share of Ocean Shore common stock.
However, the merger price is below a recent analyst target price of $20.00 per share. Moreover, EBIT is below the average of comparable transactions, according to a Bloomberg analysis.
Pomerantz LLP, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz LLP pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz LLP continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
212-661-1100 ext. 9980
SOURCE Pomerantz LLP