An investigation on behalf of investors of Simplicity Bancorp Inc (NASDAQ:SMPL) in connection with the proposed takeover was announced and NASDAQ:SMPL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/08/2014 -- The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Simplicity Bancorp Inc (NASDAQ:SMPL), was launched concerning whether the takeover of Simplicity Bancorp Inc by HomeStreet, Inc is unfair to NASDAQ:SMPL stockholders.
Investors who purchased shares of Simplicity Bancorp Inc (NASDAQ:SMPL) and currently hold any of those NASDAQ:SMPL shares have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Simplicity Bancorp Inc breached their fiduciary duties owed to NASDAQ:SMPL investors in connection with the proposed acquisition.
On September 29, 2014, HomeStreet, Inc. (NASDAQ:HMST) (“HomeStreet”) has entered into an agreement under which Simplicity Bancorp, Inc. (NASDAQ:SMPL) (“Simplicity”) will merge with HomeStreet, Inc., and Simplicity Bank will merge with HomeStreet’s subsidiary, HomeStreet Bank. Under the terms of the proposed transaction Simplicity Bancorp Inc (NASDAQ:SMPL) stockholders are expected to receive one share of HomeStreet common stock for each share owned of Simplicity common stock, subject to adjustment if HomeStreet’s closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share.
However, the investigation concerns whether the offer is unfair to NASDAQ:SMPL stockholders. More specifically, the investigation concerns whether the Simplicity Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Simplicity Bancorp Inc (NASDAQ:SMPL) grew from $75.3 per share in October 2010 to as high as $18.03 per share in March 2014.
On October 6, 2014, NASDAQ:SMPL shares closed at $16.65 per share.
Those who are current investors in Simplicity Bancorp Inc (NASDAQ:SMPL) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com