COLONIAL FINANCIAL INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Colonial Financial Services, Inc. (COBK) Over the Proposed Sale of the Company to Cape Bancorp, Inc. (CBNJ)
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Colonial Financial Services, Inc. (“Colonial Bank” or the “Company”) (Nasdaq: COBK) for potential breaches of fiduciary duties in connection with the sale of the Company to Cape Bancorp, Inc. (“Cape”) for approximately $55 million, based on Cape’s September 9, 2014 closing stock price of $10.06. The Company’s stockholders will elect to receive either $14.50 per share in cash, or 1.412 shares of Capes’ common stock, with 50% of the shares being exchanged for stock and 50% for cash. Colonial Bank has traded as high as $15.00 over the past year, representing a 50 cent premium over the expected deal price.
The investigation focuses on whether Colonial Bank’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Colonial Bank’s shareholders.
If you own common stock in Colonial Bank and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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