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Local Investor Announces Intention to Commence Tender Offer for Sunnyside Bancorp, Inc. Because the Board is Ignoring Shareholders

Autor: Accesswire
20.09.2021, 21:05  |  101   |   |   

ROCKLAND COUNTY, NY / ACCESSWIRE / September 20, 2021 / Kenneth J. Torsoe announced today that he is no longer actively pursuing his August 27 offer to the Board of Directors of Sunnyside Bancorp Inc. (OTC PINK:SNNY) to purchase the company for $22 …

ROCKLAND COUNTY, NY / ACCESSWIRE / September 20, 2021 / Kenneth J. Torsoe announced today that he is no longer actively pursuing his August 27 offer to the Board of Directors of Sunnyside Bancorp Inc. (OTC PINK:SNNY) to purchase the company for $22 per share because the Board has not responded to his offer. He also announced that he intends to commence a tender offer for the company's stock soon. "I made a good faith offer to acquire Sunnyside for $1.75 per share more than the price of only $20.25 in the deal with Rhodium BA Holdings. I also offered to engage in a face-to-face auction that would generate the highest price to Sunnyside shareholders." Mr. Torsoe explained that neither he, his attorney, nor any other member of his team has received any response. All they got was deafening silence, which is the response that Mr. Torsoe's team had repeatedly gotten from Sunnyside.

The Torsoe team also explained that they had received secondhand information within the past few days claiming that Sunnyside had adopted a strategy of stonewalling his attempts to pay a higher price while giving a regulatory head start to Rhodium's inferior offer. As the saying goes in the securities business, the Sunnyside Board appears to be trying to put a little lipstick in the form of a regulatory head start on the pig represented by an inferior offer.

As a result, Mr. Torsoe stated that he intends to take steps to commence a tender offer for the stock of Sunnyside at a price of $23 per share, which is 13.6% more than the Rhodium price. When asked when the tender offer will commence, Mr. Torsoe responded, "Because Sunnyside is a savings and loan holding company, and its subsidiary is a federal savings and loan, there are regulatory approval issues, but we intend to file an application for government approval and commence a tender offer simultaneously, as soon as practicable." The Torsoe team stated that they will be contacting relevant bank regulators about the unbalanced process that the Sunnyside Board has undertaken. They will ask the regulators not to take precipitous action on any application to acquire control of Sunnyside for an inferior price, which would give the appearance of favoring the Board's and management's obvious breach of fiduciary duty.

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Local Investor Announces Intention to Commence Tender Offer for Sunnyside Bancorp, Inc. Because the Board is Ignoring Shareholders ROCKLAND COUNTY, NY / ACCESSWIRE / September 20, 2021 / Kenneth J. Torsoe announced today that he is no longer actively pursuing his August 27 offer to the Board of Directors of Sunnyside Bancorp Inc. (OTC PINK:SNNY) to purchase the company for $22 …

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