1st United Bancorp Inc (Florida) (NASDAQ:FUBC) Investor Files Lawsuit Against Acquisition

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Company Name(s): 
1st United Bancorp
Case Name: 
1st United Bancorp Deal Case 05/29/2014
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FUBC
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
05/29/2014
Summary: 

May 30, 2014 (Shareholders Foundation) - An investor, who currently holds shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) filed a lawsuit in effort to halt the takeover of 1st United Bancorp Inc by Valley National Bancorp.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:FUBC stockholders by agreeing to sell 1st United Bancorp Inc too cheaply via an unfair process to Valley National Bancorp

On May 8, 2014 the Boards of Directors of Valley National Bancorp (NYSE: VLY) and 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) announced that the companies have entered into a merger agreement whereby the common shareholders of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) will receive 0.89 of a share of Valley National Bancorp (NYSE: VLY) common stock for each 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) share they own, subject to adjustment in the event Valley's average stock price falls below $8.09 or rises above $12.13 prior to closing. Based on a closing price of Valley National Bancorp (NYSE: VLY) of $9.83 per share on May 5, 2014 shareholders of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) will receive approximately $8.75 per share.

However, the plaintiff claims that the offer is too low and undervalues 1st United Bancorp Inc.

1st United Bancorp Inc reported that its annual Net Income increased from $1.60 million in 2010 to $6.87 million in 2013. Shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) grew from $4.68 per share in September 2011 to as high as $8.16 per share in April 2014.