Ademi LLP is investigating ESSA Bancorp (NASDAQ: ESSA) for possible breaches of fiduciary duty and other violations of law in its transaction with CNB Financial.
Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ademilaw.com or toll-free: 866-264-3995. There is no cost or obligation to you.
In the transaction, ESSA Bancorp stockholders will receive CNB common stock valued at approximately $21.10 per ESSA Bancorp share, based upon the 10-day volume weighted average stock price of $24.69 for CNB common stock as of January 8, 2025, or $214 million in the aggregate. ESSA Bancorp insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for ESSA Bancorp by imposing a significant penalty if ESSA Bancorp accepts a competing bid. We are investigating the conduct of ESSA Bancorp’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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