Beverly National Corporation Investors Investigations
Investigations on behalf of certain current investors of Beverly National Corporation (Public, AMEX:BNV) over possible breach of fiduciary duty by the Beverly National Corp board of directors – Contact the Shareholders Foundation, Inc at mail@shareholdersfounation.com
SAN DIEGO, CA ( www.ShareholdersFoundation.com ) - Investigations on behalf of current investor of Beverly National Corporation (Public, AMEX:BNV), who purchased their shares before June 17, 2009, over possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Beverly National.
If you are a current investor in Beverly National Corporation (AMEX:BNV) and purchased the shares before June 17, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. at:
Several investigations by a law firm concern potential breaches of fiduciary duty and other violations of state law by the Board of Beverly National Corp arising out of their attempt to sell Beverly National to Danvers Bancorp, Inc.
Danvers Bancorp, Inc. and Beverly National Corporation announced on June 17, 2009 they have entered into an agreement under which Beverly National will merge with and into Danvers Bancorp. Under the terms of the proposed agreement, Beverly National stockholders will receive 1.66 shares of Danvers Bancorp common stock in exchange for each common share of Beverly National. Based on the closing price of Danvers Bancorp common stock (Nasdaq: DNBK) on June 16, 2009, the transaction is valued at approximately $23.04 per share or $61.95 million.
The investigation concerns whether board of Directors of Beverly National breached their fiduciary duties to Beverly shareholders given that “the merger price offers shareholders only a small premium over the 52-week trading range of Beverly shares”, “Beverly's CEO and three directors will have positions in the post-merger entity” and “ the Beverly Board of Directors agreed to a strict "no solicitation" provision and agreed to pay a $2,478,000 termination fee plus up to $375,000 of Danvers' expenses which will all but ensure no superior offer will ever be forthcoming”. Another investigation calls the deal “suspicious because it appears from a review of the Company's financial statements that the inherent value of the Company's stock is greater than $23.04 per share and also because the deal provides for members of Beverly's Board of Directors to personally profit from the deal by taking cushy new jobs as executives at Danvers.” Beverly National Corporation, located in Beverly, MA, is a registered bank holding company. Beverly National Corp. has one banking subsidiary, Beverly National Bank. Beverly National had $472.79million in Total Assets and reported a net income of $3.57million in 2007 and $485.50 in Total Assets in 2008. Shares of Beverly National (AMEX:BNV) traded at about $21.50 per share after the announcement.
Those who are current investors in Beverly National Corporation (AMEX:BNV) and purchased the shares before June 17, 2009, have certain options and should contact the Shareholders Foundation, Inc. at:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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