ASB Bancorp Inc (NASDAQ:ASBB) Investor Investigation Over Possible Breaches Of Fiduciary Duties In Acquisition Announced

If you purchased shares of ASB Bancorp Inc (NASDAQ:ASBB) and currently hold any of those NASDAQ:ASBB shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
ASB Bancorp
Affected Securities: 

May 22, 2017 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of ASB Bancorp Inc (NASDAQ:ASBB), was announced concerning whether the takeover of ASB Bancorp Inc by First Bancorp is unfair to NASDAQ:ASBB stockholders.

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

On May 1, 2017, First Bancorp (Nasdaq: FBNC), the parent company of First Bank, announced the signing of a merger agreement under which First Bancorp will acquire ASB Bancorp, Inc. (Nasdaq: ASBB), the parent company of Asheville Savings Bank, SSB, in a cash and stock transaction with a total current value of approximately $175 million, or $43.12 per share based on First Bancorp's closing share price on April 28, 2017.

However, the investigation concerns whether the offer is unfair to ASB Bancorp Inc (NASDAQ:ASBB stockholders. More specifically, the investigation concerns whether the ASB Bancorp Inc (NASDAQ:ASBB 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.