SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Northway Financial, Inc. (OTCQB – NWYF)
BALA CYNWYD – September 10, 2024 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Northway Financial, Inc. (“Northway” or the “Company”) (OTCQB – NWYF) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Camden National Corporation (“Camden National”) (Nasdaq – CAC). Under the terms of the agreement, Northway shareholders will receive 0.83 shares of Camden National common stock for each outstanding share of Northway common stock. Based on Camden National’s closing stock price of $37.90 on September 9, 2024, the transaction is valued at approximately $86.6 million or $31.46 per share of Northway common stock. Upon completion of the transaction, Camden National shareholders will own approximately 86% of the combined company and Northway’s shareholders will own approximately 14% of the combined company.
The investigation concerns whether the Northway Financial Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Camden National is paying fair value to shareholders of the Company.
If you own shares of Northway Financial stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.