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US: New info settles shareholder lawsuit against ongoing bank merger

By  |  May 6, 2013

New filings with the Securities and Exchange Commission have offered new insight into a longstanding battle with a disgruntled shareholder who sued over plans for banks Roma Financial and Investors Bancorp to merge. Those documents provide further details on how the potential deal first came to the table; according to the papers, the deal to buy Roma, which was struggling at the time, was made for $524 million in an all-stock deal. But shareholder Joseph Zalescik initiated a putative class-action filed in January over the deal, arguing the merger undervalued Roma and limited competition by making it difficult for Roma to find competing offers. To settle the case, the banks agreed to release more detailed information about the deal to shareholders; a vote is set for May 30 to approve of the deal.

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