An investigation on behalf of investors, who currently hold shares of Blue Hills Bancorp, Inc. (NASDAQ: BHBK), was announced concerning whether the takeover of Blue Hills Bancorp, Inc. by Independent Bank Corp is unfair to NASDAQ: BHBK stockholders.

The investigation by a law firm concerns whether certain officers and directors of Blue Hills Bancorp, Inc. breached their fiduciary duties owed to NASDAQ: BHBK investors in connection with the proposed acquisition.

On September 20, 2018, Independent Bank Corp. (NASDAQ Global Select Market: INDB), parent of Rockland Trust Company, and Blue Hills Bancorp, Inc. (NASDAQ Global Select Market: BHBK) (Blue Hills Bancorp), parent of Blue Hills Bank, have signed a merger agreement for Independent Bank Corp to acquire Blue Hills Bancorp and Rockland Trust to acquire Blue Hills Bancorp, Inc. (NASDAQ: BHBK). The merger agreement provides that each Blue Hills Bancorp stockholder will receive 0.2308 of a share of Independent common stock and $5.25 in cash for each share of Blue Hills Bancorp common stock. Based on a closing price of $89.35 per NASDAQ: INDB shares investors in Blue Hills Bancorp, Inc. (NASDAQ: BHBK) will receive a value of approximately $25.87 per share.

However, given that at least one analyst has set the high target price for NASDAQ: BHBK shares at $28.00 per share, the investigation concerns whether the offer is unfair to Blue Hills Bancorp, Inc. (NASDAQ: BHBK stockholders. More specifically, the investigation concerns whether the Blue Hills Bancorp, Inc. (NASDAQ: BHBK 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.

Blue Hills Bancorp, Inc. reported that its annual Total Revenue rose from $63.69 million in 2016 to $82.02 million in 2017 and that its Net Income grew from $8.65 million in 2016 to $16.48 million in 2017.