SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Enterprise Bancorp, Inc. (Nasdaq Global Select Market – EBTC)
BALA CYNWYD – December 9, 2024 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Enterprise Bancorp, Inc. (“Enterprise” or the “Company”) (Nasdaq Global Select Market – EBTC) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Independent Bank Corp. (Nasdaq Global Select Market – INDB) (“Independent”), parent of Rockland Trust Company (“Rockland Trust”). Under the terms of the agreement, Enterprise will merge into Independent and Enterprise Bank will merge into Rockland Trust in a cash and stock transaction for total consideration valued at approximately $562 million in aggregate, or $45.06 per share based on Independent’s closing price of $71.77 on December 6, 2024. Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold.
The investigation concerns whether the Enterprise Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal offers fair value to the Company’s shareholders.
If you own shares of Enterprise 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.