WILMINGTON, Del., May 19, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of OmniAmerican Bancorp, Inc., the holding company for OmniAmerican Bank, ("OmniAmerican" or the "Company") relating to the sale of the Company to Southside Bancshares, Inc. ("Southside"). On April 29, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Southside will acquire OmniAmerican in a merger valued at roughly $307 million in the aggregate. As a result of the merger, OmniAmerican shareholders are only anticipated to receive 0.4459 shares of Southside common stock and $13.125 per share in cash in exchange for each share of OmniAmerican stock they own (roughly $26.71 per share total consideration).
Our investigation so far has revealed that the process leading up to the announcement of the merger appears to have some questionable conflicts of interest, thus making the process and consideration unfair. As indicated by the Company, all members of OmniAmerican's executive management appear to have secured future employment with Southside, therefore impeding their ability to negotiate the best possible deal for shareholders. Also, the consideration that OmniAmerican shareholders are expected to receive is inadequate. On April 30, 2014, Seeking Alpha reported that the consideration for OmniAmerican shareholders is "a bit low." OmniAmerican shareholders are expected to receive combined consideration of roughly $26.71 per share, however there appears to be no collar on Southside's stock, meaning that OmniAmerican shareholders are subject to the future volatility and price fluctuation of Southside's stock. Since the April 29th merger announcement, Southside's share price has declined -6.7%.
If you own shares of OmniAmerican and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investig...niamerican or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. This notice may constitute attorney advertising.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud and breaches of fiduciary duty. Our Firm's practice model consists of retaining a small select group of high caliber attorneys who are committed to protecting shareholder rights and litigating cutting-edge issues affecting shareholder rights. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for our clients. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute.
Craig J. Springer, Esq. 1-800-423-6013
