An investigation for investors, who currently hold shares of Cheviot Financial Corp. (NASDAQ:CHEV), was announced concerning whether the takeover of Cheviot Financial Corp. by MainSource Financial Group, Inc for $15.00 per share is unfair to NASDAQ:CHEV stockholders.
Investors who purchased shares of Cheviot Financial Corp. (NASDAQ:CHEV) and currently hold any of those NASDAQ:CHEV shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Cheviot Financial Corp. breached their fiduciary duties owed to NASDAQ:CHEV investors in connection with the proposed acquisition.
On November 24, 2015, MainSource Financial Group, Inc. (NASDAQ:MSFG) announced that it has entered into a definitive merger agreement to acquire all of the common stock of Cheviot Financial Corp. (NASDAQ:CHEV) in a cash and stock transaction valued at approximately $107.4 million. Under the terms of the agreement stockholders of Cheviot Financial Corp. (NASDAQ:CHEV) may elect to receive either 0.6916 shares of MainSource common stock (the “Exchange Ratio”) or $15.00 in cash for each share of Cheviot Financial Corp. (NASDAQ:CHEV) common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash. Based upon the November 20, 2015 closing price of $23.56 per share of MainSource common stock, the transaction is valued at approximately $107.4 million.
However, the investigation concerns whether the offer is unfair to NASDAQ:CHEV stockholders. More specifically, the investigation concerns whether the Cheviot Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
On December 22, 2015, NASDAQ:CHEV closed at $15.09 per share.
Those who are current investors in Cheviot Financial Corp. (NASDAQ:CHEV) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego