Shareholder Alert: Wisconsin law firm Ademi LLP investigates whether Cortland Bancorp Inc. has obtained a Fair Price in its transaction with Farmers National Banc Corp.
MILWAUKEE, June 23, 2021 /PRNewswire/ -- Ademi LLP is investigating Cortland (NASDAQ: CLDB) for possible breaches of fiduciary duty and other violations of law in its transaction with Farmers.
Click here to learn how to join the action: https://www.ademilaw.com/case/cortland-bancorp-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges Cortland's financial outlook is excellent and yet Cortland shareholders will receive only either $28.00 per share in cash or 1.75 shares of Farmers' common stock, subject to an overall limitation of 75% of the shares being exchanged for Farmers shares and 25% for cash. Based on Farmers' closing share price of $16.87 on June 22, 2021, the transaction is valued at approximately $124.0 million or $29.14 per share. The merger agreement unreasonably limits competing bids for Cortland by prohibiting solicitation of further bids, and imposing a termination penalty if Cortland accepts a superior bid. Cortland insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Cortland'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 Cortland.
If you own Cortland common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/cortland-bancorp-inc.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
SOURCE Ademi LLP
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