Tower Bancorp Shareholder Tries To Block $336M Sale

Law360, New York (September 26, 2011, 7:52 PM EDT) -- A Tower Bancorp Inc. shareholder filed a derivative suit and putative class action Monday claiming the company's executives agreed to a proposed $336 million sale to Susquehanna Bancshares Inc. because of monetary and career-enhancement incentives embedded in the deal.

The suit, filed in Pennsylvania, alleges that Tower Bancorp's directors, who negotiated the deal through the first half of this year, took an offer that undervalued the company because Susquehanna had offered them positions within its board after the sale.

Under the terms of the sale, Tower...
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