Key Developments: Sterling Bancorp (STL)
11.75USD
17 May 2013
$0.14 (+1.21%)
$11.61
$11.64
$11.75
$11.60
86,948
173,725
$12.13
$8.30
Latest Key Developments (Source: Significant Developments)
Sterling Bancorp Declares Cash Dividend of $0.09 per Share
Sterling Bancorp announced that the Company's Board of Directors has declared a cash dividend of $0.09 per common share, payable on June 28, 2013 to shareholders of record as of June 14, 2013. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Board Of Directors Of Sterling Bancorp
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the Board of Directors of Sterling Bancorp for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Provident New York Bancorp in a stock-for-stock deal valued at approximately $344 million. Under the terms of the proposed transaction, Sterling’s stockholders will receive 1.2625 shares of Provident common stock for each share of Sterling common stock they own. The consideration to be received by Sterling’s shareholders is valued at $11.12, based on the closing prices on April 3, 2013, the day before the announcement of the sale, while according to Yahoo! Finance, at least one financial analyst has set a price target of $12.50 for Sterling. The investigation focuses on whether Sterling’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Sterling’s shareholders. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Sterling Bancorp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Sterling Bancorp relating to the proposed acquisition by Provident New York Bancorp (Provident). Under the terms of the transaction, Sterling shareholders will receive only 1.2625 shares of Provident stock for each share of Sterling stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Sterling for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company as an analyst has set a price target for Sterling stock $11.50 per share. Full Article
Zeldes & Haeggquist, LLP Announces Investigation Of Sterling Bancorp Acquisition By Provident New York Bancorp
Zeldes & Haeggquist, LLP announced that it has commenced an investigation into possible legal claims against the Board of Directors of Sterling Bancorp (Sterling), regarding possible breaches of fiduciary duties and other violations of law related to Sterling`s entry into an agreement to be acquired by Provident New York Bancorp (Provident) in a transaction valued at approximately $344 million. Zeldes & Haeggquist`s investigation concerns whether Sterling`s Board of Directors failed to adequately shop Sterling to obtain the best possible value for Sterling`s shareholders before entering into an agreement with Provident. Under the terms of the proposal, public shareholders of Sterling will receive about $11.12 per Sterling share. Full Article
Lifshitz Law Firm Announces Investigation Of Sterling Bancorp
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Sterling Bancorp to Provident New York Bancorp (Provident) in a stock-for-stock transaction valued at $344 million, based on the closing price of Provident common stock on April 3, 2013. Sterling shareholders will receive a fixed ratio of 1.2625 shares of Provident common stock for each share of Sterling common stock. Upon closing, Provident shareholders will own approximately 53% of stock in the combined company; Sterling shareholders will own approximately 47%. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to the Company's shareholders. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Sterling Bancorp
Sterling Bancorp announced that it is investigating potential claims against the Board of Directors of Sterling Bancorp, Inc. relating to the proposed acquisition by Provident New York Bancorp (Provident). Under the terms of the transaction, Sterling shareholders will receive only 1.2625 shares of Provident stock for each share of Sterling stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Sterling for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company as an analyst has set a price target for Sterling stock $11.50 per share. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Sterling Bancorp Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Sterling Bancorp Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Provident New York Bancorp in a transaction valued at approximately $344 million. Under the terms of the proposal, public shareholders of Sterling will receive 1.2625 shares of Provident for each share of Sterling they own. Based upon Provident’s closing stock price of $9.08 on April 4, 2013, Sterling shareholders would have received consideration valued at approximately $11.46 per share. Upon closing, Provident shareholders will own approximately 53% of stock in the combined company; Sterling shareholders will own approximately 47%. The investigation concerns whether Sterling’s board of directors failed to adequately shop the Company and obtain the best possible value for Sterling’s shareholders before entering into an agreement with Provident. Full Article
Komlossy Law, P.A. Announces Investigation of Sterling Bancorp
Komlossy Law, P.A. announced that it is investigating the Board of Directors of Sterling Bancorp (Sterling or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to Provident New York Bancorp (Provident) in a transaction valued at approximately $344 million. Pursuant to the terms of the proposed transaction, Sterling shareholders are to receive 1.2625 shares of Provident stock for each share of the Company. The consideration is valued at $11.12 per share based on April 3 closing stock prices. The investigation involves whether the Board of Directors of Sterling breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether the transaction is fair to shareholders with respect to price, process and disclosure of all material information. Full Article
Briscoe Law Firm and Powers Taylor, LLP Announce Investigation Of Sterling Bancorp
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the sale of Sterling Bancorp (Sterling) to Provident New York Bancorp for shareholders. Under the terms of the proposed transaction valued at approximately $344 million, Sterling shareholders will only receive 1.2625 shares of Provident for each share of Sterling stock owned, valued at approximately $11.12 per share. The Sterling sale investigation centers on whether Sterling`s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Sterling`s stock, and whether Sterling`s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, according to Yahoo! Finance, at least one analyst valued the true inherent price of Sterling stock at $11.50 per share. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Sterling Bancorp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Sterling Bancorp Inc relating to the proposed acquisition by Provident New York Bancorp (Provident). Under the terms of the transaction, Sterling shareholders will receive only 1.2625 shares of Provident stock for each share of Sterling stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Sterling for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction may undervalue the Company as an analyst has set a price target for Sterling stock $11.50 per share. Full Article
UPDATE 1-Provident New York to buy Sterling Bancorp in $344 mln deal
* Deal values Sterling at $11.12/shr, a premium of 11.2 pct
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
