BALA CYNWYD, Pa., July 27, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Harleysville National Corp. ("Harleysville" or the "Company") (Nasdaq:HNBC) relating to the proposed merger with First Niagara Financial Corp. ("First Niagara") (Nasdaq:FNFG).
Under the proposed agreement, Harleysville shareholders will receive an exchange ratio of 0.474 shares of First Niagara common stock for each share of Harleysville common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Harleysville Board's approval of the proposed acquisition. The proposed transaction is valued at $237 million or $5.50 per share. However, Harleysville, a Philadelphia-area financial services company, closing price on June 1, 2009 was $6.64 and traded as recently as January 21, 2009 at $12.55.
If you own shares of Harleysville and wish to discuss the legal ramifications of the proposed acquisition by First Niagara, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.