May 02, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in NASDAQ:CEBK shares was announced concerning whether the offer by Independent Bank Corp, parent of Rockland Trust Company, to acquire Central Bancorp, Inc.at $32.00 per share and the takeover process are unfair to investors in Central Bancorp.

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

On May 1, 2012, Independent Bank Corp., parent of Rockland Trust Company, and Central Bancorp, Inc., parent of Central Bank, jointly announced the April 30, 2012 signing of an agreement under which Independent Bank Corp. will acquire Central Bancorp, Inc. and Rockland Trust Company will acquire Central Bank. Under the terms of the proposed transaction, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash.

Following the takeover news NASDAW:CEBK shares jumped from $18.11 per share on Monday to $30.54 per share on Tuesday, May 1, 2012

However, the investigation for NASDAQ:CEBK investors concerns whether the proposed transaction is unfair to Central Bancorp stockholders. Specifically, the investigation focuses on whether the Central Bancorp 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.