Ademi LLP is investigating First Seacoast (NASDAQ: FSEA) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Cambridge Financial.
First Seacoast stockholders will receive $17.25 in cash for each share of common stock in a transaction valued at approximately $80.9 million. First Seacoast insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for First Seacoast by imposing a significant penalty if First Seacoast accepts a competing bid. We are investigating the conduct of the First Seacoast board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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