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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of SB One Bancorp (“SB One” or the “Company”) (NASDAQ: SBBX) to Provident Financial Services, Inc. (“Provident”) (NYSE: PFS). Under the terms of the merger, Provident will acquire all of the outstanding shares of SB One, and shareholders of SB One will receive 1.357 Provident shares for each share of SB One.
The SB One merger investigation concerns whether the Board of SB One breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether the merger undervalues SB One relative to Provident, thereby harming SB One shareholders.
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