May 17, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Lake Sunapee Bank Group (NASDAQ:LSBG), was announced concerning whether the takeover of Lake Sunapee Bank Group . by Bar Harbor Bankshares for a value of approximately $17.00 per share is unfair to NASDAQ:LSBG stockholders.

The investigation by a law firm concerns whether certain officers and directors of Lake Sunapee Bank Group breached their fiduciary duties owed to NASDAQ:LSBG investors in connection with the proposed acquisition.

On May 5, 2016, Bar Harbor Bankshares (NYSE MKT: BHB) and Lake Sunapee Bank Group (NASDAQ: LSBG) announced that they have signed a merger agreement pursuant to which Bar Harbor will acquire Lake Sunapee in an all-stock transaction valued at approximately $143 million, or approximately $17.00 per share. Under the terms of the merger agreement, each outstanding share of Lake Sunapee common stock will be exchanged for 0.4970 shares of Bar Harbor common stock.
However, the investigation concerns whether the offer is unfair to NASDAQ:LSBG stockholders. More specifically, the investigation concerns whether the Lake Sunapee Bank Group 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.

Shares of Lake Sunapee Bank Group (NASDAQ:LSBG) closed on May 17, 2016, at $15.04 per share.