Ademi LLP Investigates Flushing's $579M Transaction with OceanFirst
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: PRnewswire
- Transaction Investigation: Ademi LLP is investigating Flushing's $579 million transaction with OceanFirst for potential breaches of fiduciary duty, which could adversely affect shareholder rights.
- Shareholder Rights Concerns: Flushing shareholders will receive 0.85 shares of OceanFirst common stock for each share of Flushing, potentially harming shareholder interests while insiders stand to gain substantial benefits.
- Competition Limitation Clause: The transaction agreement imposes significant penalties for accepting competing bids, which may restrict Flushing's options and affect market competition, raising concerns among shareholders.
- Board Responsibility Inquiry: The investigation focuses on whether Flushing's board of directors is fulfilling their fiduciary duties to all shareholders, ensuring that their decisions align with the best interests of the shareholders.
FFIC
$15.38+Infinity%1D
Analyst Views on FFIC
Wall Street analysts forecast FFIC stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FFIC is 14.25 USD with a low forecast of 14.00 USD and a high forecast of 14.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 16.890
Low
14.00
Averages
14.25
High
14.50
Current: 16.890
Low
14.00
Averages
14.25
High
14.50
About FFIC
Flushing Financial Corporation is the holding company for Flushing Bank (the Bank). The Bank offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. The Bank's principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties loans, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family loans; construction loans; small business administration (SBA) loans; mortgage loan surrogates, such as mortgage-backed securities; and United States government securities, corporate fixed-income securities and other marketable securities. The Bank also operates an Internet branch that operates under the brands of iGObanking.com and BankPurely.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
