NEW YORK, March 4, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Centrix Bank & Trust ("Centrix" or the "Company") (OTC BB: CXBT) (ISIN: US15640A1016) (CUSIP: 15640A101) concerning the proposed acquisition of Centrix by Eastern Bank Corporation.
The investigation concerns whether the Centrix directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, shares of Centrix will be converted into the right to receive $41.00 in cash for each share of Centrix common stock. However, the Price to Net Income multiple is below the average of comparable transactions. Additionally, Centrix stock closed above the offer price, and its President will stay on with the new company.
Centrix shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
Pomerantz LLP, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz LLP pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz LLP continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT:
Robert Willoughby
Pomerantz LLP
212-661-1100 ext. 237
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
