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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of First Connecticut Bancorp, Inc. (NASDAQ: FBNK) to People’s United Financial, Inc. (“People’s United”) (NASDAQ: PBCT). Under the terms of the transaction, First Connecticut shareholders will receive 1.725 shares of People’s United stock for each First Connecticut share they own, representing a value of approximately $32.33 per share.
The investigation concerns whether the Board of First Connecticut breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether People’s United is underpaying for First Connecticut shares, thus unlawfully harming First Connecticut shareholders.
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