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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Blue Hills Bancorp, Inc. (NASDAQ: BHBK) to Independent Bank Corp. (NASDAQ: INDB). Under the terms of the transaction, Blue Hills Bancorp shareholders will receive 0.2308 of an Independent share and $5.25 in cash for each share of Blue Hills Bancorp stock they own. Certain Blue Hills Bancorp directors and officers who own approximately 4.4% of the Company’s outstanding shares have already agreed to tender their shares.
The Blue Hills Bancorp merger investigation concerns whether the Board of Blue Hills Bancorp breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Independent Bank Corp. is underpaying for Blue Hills Bancorp shares, thus unlawfully harming Blue Hills Bancorp shareholders.
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