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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of United Community Bancorp (NASDAQGM: UCBA) to Civista Bancshares, Inc. (NASDAQCM: CIVB). Under the terms of the agreement, United Community shareholders will receive the equivalent of 1.027 shares of Civista common stock and $2.54 in cash per share.
The investigation concerns whether the Board of United Community breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Civista Bancshares, Inc. is underpaying for United Community shares, thus unlawfully harming United Community shareholders.
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