Rigrodsky & Long, P.A. Announces Investigation Of Beacon Federal Bancorp, Inc. Buyout
June 01 2012 - 1:17PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential legal claims against the board of directors of Beacon
Federal Bancorp, Inc. (“Beacon Federal” or the “Company”) (NASDAQ
GM: BFED) regarding possible breaches of fiduciary duties and other
violations of law related to the Company’s entry into an agreement
to be acquired by Berkshire Hills Bancorp, Inc. (“Berkshire”)
(NASDAQ GS: BHLB) in a transaction valued at approximately $132
million.
Click here to learn more:
http://www.rigrodskylong.com/investigations/beacon-federal-bancorp-inc-bfed.
Under the terms of the proposal, 50% of the outstanding Beacon
Federal shares will be exchanged for Berkshire shares at a fixed
exchange rate of 0.92 shares for each Beacon Federal share, while
the remaining 50% of Beacon Federal shares will be exchanged for
cash in the amount of $20.50 per share.
The investigation concerns whether Beacon Federal’s board of
directors failed to adequately shop the Company and obtain the best
possible price for Beacon Federal’s shareholders before entering
into an agreement with Berkshire. At least one analyst on Yahoo!
Finance has issued a $26.00 per share target for Beacon
Federal.
If you own the common stock of Beacon Federal and purchased your
shares before May 31, 2012, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate
Boulevard, Suite 300, Garden City, New York 11530 toll free at
(888) 969-4242, by e-mail to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/beacon-federal-bancorp-inc-bfed.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly prosecutes securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, on behalf of shareholders in
states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Beacon Federal Bancorp, Inc. (MM) (NASDAQ:BFED)
Historical Stock Chart
From Jul 2024 to Aug 2024
Beacon Federal Bancorp, Inc. (MM) (NASDAQ:BFED)
Historical Stock Chart
From Aug 2023 to Aug 2024