1st United Bancorp Inc (Florida) (NASDAQ:FUBC) Investor Investigation Over Potential Wrongdoing In Buyout

If you purchased shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) and currently hold any of those NASDAQ:FUBC shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
1st United Bancorp
Affected Securities: 
NASDAQ: FUBC

May 8, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of 1st United Bancorp Inc (Florida) (NASDAQ:FUBC) shares, was announced concerning whether the takeover of 1st United Bancorp Inc by Valley National Bancorp is unfair to NASDAQ:FUBC stockholders.

The investigation by a law firm concerns whether certain officers and directors of 1st United Bancorp Inc breached their fiduciary duties owed to NASDAQ:FUBC investors in connection with the proposed acquisition.

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 investigation concerns whether the offer is unfair to NASDAQ:FUBC stockholders. More specifically, the investigation concerns whether the 1st United Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

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.

On May 8, 2014, NASDAQ:FUBC shares closed at $7.99 per share.