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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Beneficial Bancorp, Inc. (NASDAQGM: BNCL) to WSFS Financial Corporation (“WSFS”) (NASDAQGS: WSFS). Under the terms of the transaction, Beneficial Bancorp shareholders will receive 0.3013 shares of WSFS common stock and $2.93 in cash for each Beneficial Bancorp share they own. Based on the closing price of WSFS stock on August 7, 2018, the transaction has an approximate value of $19.61 per share.
The Beneficial Bancorp merger investigation concerns whether the Board of Beneficial Bancorp breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether WSFS is underpaying for Beneficial Bancorp shares, thus unlawfully harming Beneficial Bancorp shareholders.
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