NEW YORK, Dec. 14, 2009 (GLOBE NEWSWIRE) -- Tripp Levy PLLC announces an investigation into the proposed acquisition of Santander Bancorp. (NYSE:SBP). On December 14, 2009, Banco Santander S.A. announced that it intends to acquire the remaining shares of SBP that it does not already own for $12.25 per share through a cash tender offer. Banco Santander currently owns 90.6% of SBP outstanding shares. Banco Santander stated that those shares not tendered will be cancelled and the offer consummated through a short-form merger.
The investigation concerns whether the consideration to be paid to SBP shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of SBP. The investigation further concerns whether members of Banco Santander may have breached their fiduciary duties by not acting in SBP shareholders' best interests in connection with the sale process of SBP.
If you are a current holder of SBP and would like additional information concerning this proposed transaction, including your rights, please feel free to contact us at the information below.
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