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NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Vector Group Ltd. (NYSE: VGR)’s sale to JT Group for $15.00 per share in cash. If you are a Vector shareholder, click here to learn more about your legal rights and options.
ConnectOne Bancorp, Inc. (NASDAQ: CNOB)’s merger with The First of Long Island Corporation. If you are a ConnectOne shareholder, click here to learn more about your legal rights and options.
Augmedix, Inc. (NASDAQ: AUGX)’s sale to Commure, Inc. for $2.35 per share in cash. If you are an Augmedix shareholder, click here to learn more about your rights and options.
Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com
NEW YORK, NY / ACCESSWIRE / September 12, 2024 / Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Frontier Communications Parent, Inc. (NASDAQ:FYBR)'s sale to Verizon Communications Inc. for $38.50 per share in cash. If you are a Frontier shareholder,click here to learn more about your legal rights and options.
Vector Group Ltd. (NYSE:VGR)'s sale to JT Group for $15.00 per share in cash. If you are a Vector shareholder,click here to learn more about your legal rights and options.
Gatos Silver, Inc. (NYSE:GATO)'s sale to First Majestic Silver Corp. for 2.550 common shares of First Majestic for each common share of Gatos. Upon completion of the proposed transaction, Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis. If you are a Gatos shareholder,click here to learn more about your legal rights and options.
CBIZ, Inc. (NYSE:CBZ)'s merger with the non-attest business of Marcum, LLP. The proposed cash-and-stock transaction is valued at approximately $2.3 billion. It is expected that approximately half of the proposed transaction consideration will be paid in cash and the remainder shares of CBIZ common stock. If you are a CBIZ shareholder,click here to learn more about your rights and options.
Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC Daniel Sadeh, Esq. Zachary Halper, Esq. (212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.comhttps://www.halpersadeh.com
SOURCE: Halper Sadeh LLC
View the original press release on accesswire.comCamden National Corp. CAC has signed an agreement to acquire Northway Financial, Inc. (“Northway”) in an all-stock transaction valued at roughly $86.6 million.
Key Details of the Acquisition by Camden National
Northway, founded in 1881, and based in North Conway, New Hampshire, operates with 17 full-service branches with a stable and high-quality deposit base. As of June 30, 2024, it had roughly $1.3 billion in total assets, $0.9 billion in total loans and $1 billion in deposits.
Upon the closure of the transaction, Northway will be merged with Camden National, with an anticipated pre-tax merger expense of $13.5 million.
The combined entity will operate under Camden National Bank with 74 branches across New Hampshire and Maine and is anticipated to have roughly $7 billion in total assets, $5.5 billion in deposits, $5.1 billion in loans and $2 billion in assets under administration. Per the agreement, CAC will pay 0.83 shares of its stock for each share of Northway’s common stock.
Upon the completion of the deal, Camden National’s shareholders will own roughly 86% of the combined entity, while Northway’s shareholders will own roughly 14%.
Also, upon the closure of the deal, one Northway director will join the board of Camden National and its subsidiary, Camden National Bank. The agreement has been unanimously approved by the board of directors of both entities and is expected to be closed by the first quarter of 2025, subject to customary closing conditions, and Northway shareholders’ approval.
What Makes This Deal Financially Compelling for CAC?
CAC will likely benefit from expected cost savings of 35% of Northway’s non-interest expense, 75% of which will be phased in 2025, and the rest will be realized thereafter. The entire restructuring costs will be realized upon the completion of the transaction.
The deal is anticipated to be 19.9% and 32.7% accretive to 2025 and 2026 earnings per share, respectively, assuming the phased-in cost savings. Also, tangible book value is expected to dilute by 16.2%, with a projected earn-back period of approximately 3.3 years.
Further, CAC projects a roughly 24% internal rate of return. Also, following the merger, the company’s capital ratios are anticipated to be significantly “well-capitalized” above the regulatory requirements.
This transaction is likely to strengthen the deposit franchise through low-cost deposits. Also, it will expand the company’s footprint in attractive markets alongside improving the profitability profile with a return on average assets of more than 1%.
Simon Griffiths, president and CEO of Camden National, stated, “The merger will build upon our existing presence in New Hampshire and provide the opportunity to leverage our significant technology investments and advice capabilities across an expanded customer base. Together, we will be able to unlock meaningful growth opportunities and create additional capacity for further strategic technology investments to deliver an enhanced offering for customers.”
CAC’s Zacks Rank & Price Performance
Year to date, shares of Camden National have risen 0.8% against the industry’s decline of 1.5%.
Currently, CAC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Steps by Other Banks
Last week, ConnectOne Bancorp, Inc. CNOB agreed to acquire The First of Long Island Corp. (FLIC). The all-stock transaction is valued at $284 million.
CNOB will likely benefit from expected cost savings of 35% of FLIC’s non-interest expense, 50% of which will be phased in 2025, and the rest will be realized thereafter.
The deal is anticipated to be 36% accretive to CNOB’s 2025 earnings per share, assuming the execution of cost savings. Also, tangible book value is expected to dilute by 12% with a projected earn-back period of approximately 2.9 years.
Similarly, The Bank of New York Mellon Corporation BK agreed to acquire Archer Holdco, LLC, a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry.
With this acquisition, BK should be able to enhance its enterprise platform to support retail managed accounts. Along with augmenting the company’s existing asset servicing capabilities for managed accounts, Archer will provide BNY Investments and BNY Pershing’s Wove wealth platform for advisors with the expanded distribution of model portfolios and access to its multi-custodial network.
Zacks Investment Research
NEW YORK, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Stronghold Digital Mining, Inc. (NASDAQ: SDIG)’s sale to Bitfarms Ltd. for 2.52 shares of Bitfarms for each share of Stronghold. Upon closing of the proposed transaction, Stronghold shareholders are expected to own just under 10% of the combined company. If you are a Stronghold shareholder, click here to learn more about your legal rights and options.
ARC Document Solutions, Inc. (NYSE: ARC)’s sale to TechPrint Holdings, LLC, an affiliate of ARC executives, for $3.40 per share. If you are an ARC shareholder, click here to learn more about your legal rights and options.
Iteris, Inc. (NASDAQ: ITI)’s sale to Almaviva S.p.A. for $7.20 in cash per share. If you are an Iteris shareholder, click here to learn more about your legal rights and options.
Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com
NEW YORK CITY, NY / ACCESSWIRE / September 10, 2024 /Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:
ConnectOne Bancorp, Inc. (Nasdaq:CNOB), relating to its proposed merger with The First of Long Island Corporation (FLIC). Under the terms of the agreement, ConnectOne shareholders will have the right to receive 0.5175 shares of FLIC common stock per ConnectOne share they own.
Click here for more information:https://monteverdelaw.com/case/connectone-bancorp-inc/. It is free and there is no cost or obligation to you.
First of Long Island Corp. (Nasdaq:FLIC), relating to its proposed merger with ConnectOne Bancorp, Inc. Under the terms of the agreement, FLIC anticipates acquiring ConnectOne shares at the price of 0.5175 shares of FLIC common stock.
Click here for more information:https://monteverdelaw.com/case/first-of-long-island-corp/. It is free and there is no cost or obligation to you.
Evans Bancorp Inc. (NYSE:EVBN), relating to its proposed merger with NBT Bancorp Inc. Under the terms of the agreement, Evans Bancorp shares will be automatically converted into 0.91 shares of NBT common stock.
Click here for more information:https://monteverdelaw.com/case/evans-bancorp-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.
Contact: Juan Monteverde, Esq. MONTEVERDE & ASSOCIATES PCThe Empire State Building 350 Fifth Ave. Suite 4740 New York, NY 10118 United States of Americajmonteverde@monteverdelaw.com Tel: (212) 971-1341
Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
SOURCE: Monteverde & Associates PC
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