NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Alliance Financial Corporation (“Alliance” or the “Company”) (NASDAQ: ALNC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) in a stock-for-stock deal valued at approximately $233.4 million. Under the terms of the proposed transaction, Alliance’s stockholders will receive 2.1779 shares of NBT common stock for each share of Alliance common stock they own. The transaction values the proposed consideration at approximately $48 based on NBT’s average closing stock price of $22.04 for the five-day trading period ending on October 5, 2012.
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The investigation focuses on whether Alliance’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Alliance’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Alliance and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/ALNC or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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Attn: Juan E. Monteverde, Esq.
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Phone: (212) 983-9330
Source: Faruqi & Faruqi, LLP