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OmniAmerican Bancorp, Inc. (NASDAQ:OABC) Investor Files Lawsuit Against Acquisition By Southside Bancshares, Inc

  • If you purchased shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) and currently hold any of those NASDAQ:OABC shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
OmniAmerican Bancorp, Inc.
Security
NASDAQ: OABC

Case Name
OmniAmerican Bancorp Deal Case 07/03/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

July 8, 2014 (Shareholders Foundation) - An investor, who currently holds shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) filed a lawsuit in effort to halt the takeover of OmniAmerican Bancorp, Inc. by Southside Bancshares, Inc for a value of approximately $26.71 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OABC stockholders by agreeing to sell OmniAmerican Bancorp, Inc. too cheaply via an unfair process to Southside Bancshares, Inc.

On April 29, 2014, Southside Bancshares, Inc. (Nasdaq:SBSI), parent company of Tyler, Texas-based Southside Bank, and OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for Fort Worth, Texas-based OmniAmerican Bank, announced that they have signed an agreement under which OmniAmerican will merge into Southside. Under the terms of the agreement, OmniAmerican shareholders will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock. Based on Southside's closing stock price of $30.46 on April 28, 2014, the per share value of consideration to OmniAmerican shareholders would be $26.71.

However, the plaintiff claims that the offer is too low and undervalues OmniAmerican Bancorp, Inc. In addition, the plaintiff alleges that the process is also unfiar to NASDAQ:OABC stockholders.

OmniAmerican Bancorp, Inc. (NASDAQ:OABC) reported that its Net Income rose from $1.66 millio in 2010 to $6.43 million in 2013. Shares of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) grew from $10.87 per share in February 2010 to as high as $26.48 per share in February 2013.

On July 7, 2014, NASDAQ:OABC shares closed at $25.07 per share.