WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Alliance Financial Corporation (“Alliance Financial” or the “Company”) (NASDAQ GS: ALNC) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by NBT Bancorp Inc. (“NBT”) (NASDAQ GS: NBTB) in a transaction valued at approximately $233.4 million.
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Under the terms of the proposal, public shareholders of Alliance Financial will receive 2.1779 shares of NBT common stock for each share of Alliance Financial they own. Based on NBT’s average closing stock price of $22.04 for the five-day trading period ended October 5, 2012, Alliance Financial shareholders would receive consideration valued at approximately $48.00 per share.
The investigation concerns whether Alliance Financial’s board of directors failed to adequately shop the Company and obtain the best possible value for Alliance Financial’s shareholders before entering into an agreement with NBT.
If you own the common stock of Alliance Financial and purchased your shares before October 8, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/alliance-financial-corporation-alnc.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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Source: Rigrodsky & Long, P.A.