The Ademi Firm is investigating LINKBANCORP (Nasdaq: LNKB) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Burke & Herbert.
In the transaction, LINKBANCORP shareholders will receive 0.1350 shares of Burke & Herbert common stock for each LINKBANCORP share owned. Burke & Herbert shareholders will own approximately 75% of the combined company, while LINKBANCORP shareholders will own 25%. LINKBANCORP insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for LINKBANCORP by imposing a significant penalty if LINKBANCORP accepts a competing bid. We are investigating the conduct of the LINKBANCORP board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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