Ademi LLP is investigating First of Long Island (Nasdaq: FLIC) for possible breaches of fiduciary duty and other violations of law in its transaction with ConnectOne.
In the transaction, First of Long Island shareholders will receive only 0.5175 shares of ConnectOne common stock for each share of First of Long Island common stock. The transaction is valued at approximately $284 million, or approximately $12.40 per First of Long Island share, based upon the closing common stock price of $23.97 for ConnectOne Bancorp as of September 4, 2024.
The transaction agreement unreasonably limits competing transactions for First of Long Island by imposing a significant penalty if First of Long Island accepts a competing bid. First of Long Island insiders will receive substantial benefits as part of change of control arrangements.