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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Empire Bancorp, Inc. (“Empire Bancorp” or the “Company”) (OTCMKTS: EMPK) to Flushing Financial Corporation (“Flushing”) (NASDAQ: FFIC). Under the terms of the deal each share of Empire Bancorp common stock will be exchanged for either 0.6548 shares of Flushing common stock or $14.04 in cash, based upon the election of each Empire shareholder, subject to the election and proration procedures specified in the merger agreement.
The Empire Bancorp merger investigation concerns whether the Board of Empire Bancorp breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Community Bank System is underpaying for Empire Bancorp, thus unlawfully harming Empire Bancorp shareholders.
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