Washington Township, N.J.-based Oritani Financial Corp.’s plan to buy rival New Jersey bank Greater Community Bancorp for roughly $187 million simply isn’t a good deal, according to a large investor that launched a public campaign on Monday to block the transaction.
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John Soldoveri, an owner of 10.1% of Totowa, N.J.-based Greater Community Bancorp, reported on Monday in a Securities and Exchange Commission filing that he’s opposed to the deal.
“Mr. Soldoveri does not believe the merger is in the best interests of [Greater Community Bancorp’s] shareholders, and intends to take action to oppose the merger, including but not limited to making public statements in opposition to the merger and voting his shares against the merger,” reported Soldoveri’s SEC filing. “[Soldoveri] also reserves his right to take other steps in opposition to the merger.”
In the terms of the Oritani Financial-Greater Community deal, announced last month, Greater Community shareholders are entitled to receive $21.40 per share or approximately $187 million. Greater Community has a $160 million stock market capitalization. — Ron Orol
See Schedule 13D filing
See press release announcing deal
Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World.
