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Atlantic Coast Financial's (ACFC) quarterly loss widened as its lending income fell and expenses rose.
May 15 -
As investor Jay Sidhu and Atlantic Coast Financial intensify their fight over the Florida company's deal to sell to Bond Street Holdings, the market has priced a higher deal value into the stock. Atlantic Coast warns that no such bump-up is coming.
May 17
Atlantic Coast Financial Corp (ACFC) has settled litigation with shareholders who objected the terms of its proposed merger with Bond Street Holdings.
The settlement, signed Wednesday, provides additional disclosure over the terms of the sale but does not raise the price. Investors had filed a class-action lawsuit on May 20 against the Jacksonville-based Atlantic Coast and members of Atlantic Coast's board, claiming that the $5 per-share merger price is too low.
Atlantic Coast continues to deny that it did wrong but agreed to the settlement "merely to eliminate the time, expense and uncertainties inherent in further litigation," it said.
The
Atlantic Coast stockholders will vote on the merger, which regulators have already
Atlantic Coast's shares were trading at $5.16 early Thursday.