February 2, 2021
New York Community Bancorp, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of New York Community Bancorp, Inc (“New York Community” or the "Company") in connection with its proposed acquisition of Flagstar Bancorp, Inc. (“Flagstar”) (NYSE: FBC). Under the terms of the merger agreement, Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share that they own, representing implied per share merger consideration of $48.14 based upon New York Community’s April 23, 2021 closing price of $11.99. Upon completion of the transaction, New York Community shareholders will own approximately 68% and Flagstar shareholders will own approximately 32% of the combined entity. The implied total transaction value is approximately $2.6 billion.
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