Flushing Financial to be Acquired by OceanFirst, Shareholders to Receive 0.85 Shares Each
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Businesswire
- Acquisition Investigation: Former Louisiana Attorney General Charles C. Foti and his law firm Kahn Swick & Foti are investigating the proposed sale of Flushing Financial to OceanFirst, aiming to assess whether the compensation of 0.85 shares undervalues the company, which could impact shareholder sentiment.
- Shareholder Rights Concern: The transaction stipulates that Flushing Financial shareholders will receive 0.85 shares of OceanFirst common stock for each share they own, and KSF is evaluating whether this compensation adequately reflects the company's true value, potentially influencing shareholder investment decisions.
- Legal Consultation Opportunity: KSF offers no-obligation legal consultations, encouraging shareholders who believe the transaction undervalues the company to reach out, indicating the firm's commitment to protecting shareholder rights and possibly prompting further legal actions from shareholders.
- Market Reaction Potential: Should the investigation reveal unfair transaction terms, it may lead Flushing Financial shareholders to seek higher compensation, thereby affecting OceanFirst's acquisition strategy and market confidence.
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.
