Kehoe Law Firm, P.C. is investigating whether the sale of Enterprise Bancorp, Inc. (NASDAQ: EBTC) to Independent Bank Corp. (“Independent” or “Independent Bank”) (NASDAQ: INDB) is fair to Enterprise Bancorp shareholders.
Under the merger agreement, Enterprise Bancorp (“Enterprise” or “Enterprise Bancorp”) shareholders will receive 0.60 shares of Independent Bank common stock and $2.00 in cash for each share of Enterprise Bancorp common stock.
The investigation focuses on whether Enterprise’s board of directors breached their fiduciary duties to shareholders by failing to:
- Obtain the best possible price for Enterprise shareholders;
- Properly assess whether Independent Bank is underpaying for Enterprise Bancorp; and
- Disclose all material information necessary for shareholders to fairly evaluate the merger consideration.
Transaction Details: Independent Bank Corp., the parent company of Rockland Trust Company, and Enterprise Bancorp, the parent company of Enterprise Bank and Trust Company, have entered into a definitive merger agreement under which Enterprise will merge into Independent, and Enterprise Bank will merge into Rockland Trust. The transaction, valued at approximately $562 million, equates to $45.06 per Enterprise share based on Independent’s closing price of $71.77 on December 6, 2024.
Enterprise shareholders are expected to receive a tax-free exchange for the Independent common stock portion of the merger consideration. Independent anticipates issuing approximately 7.5 million shares of its common stock and paying $27.1 million in cash to Enterprise shareholders. The merger is expected to close in the second half of 2025, subject to regulatory approvals and Enterprise shareholder approval.
Enterprise Bancorp Shareholders – Stay Informed & Protect Your Rights
If you are an Enterprise shareholder and have concerns about the fairness and adequacy of the merger, you may have legal rights. To learn more about the merger investigation or discuss potential legal claims, please contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation legal evaluation.
Kehoe Law Firm’s legal services are provided on a contingency-fee basis, meaning you are not responsible for any fees or litigation expenses.
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side class action law firm specializing in securities fraud, breaches of fiduciary duties, and corporate misconduct. Collectively, the firm’s partners have served as Lead Counsel or Co-Lead Counsel in high-profile cases that have recovered more than $10 billion for both institutional and individual investors.
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