NEW YORK, June 1, 2012 /PRNewswire/ -- Harwood Feffer LLP
(www.hfesq.com) is investigating potential claims against the board
of directors of Beacon Federal Bancorp, Inc. ("Beacon" or the
"Company") (NASDAQ: BFED) concerning the proposed acquisition of
the Company by Berkshire Hills Bancorp Inc. ("Berkshire") in a transaction valued at
approximately $132 million.
On June 1, 2012, it was announced
that Beacon and Hughes have entered into a definitive agreement
pursuant to which Berkshire will
acquire Beacon. Under the agreement, 50% of the outstanding
shares of Beacon will be exchanged for Berkshire shares at an exchange ratio of 0.92
Berkshire shares for each Beacon
share, while the remaining 50% of Beacon shares will be exchanged
for cash in the amount of $20.50 per
share. The transaction is valued at $20.35 per Beacon share based on the closing
price of Berkshire stock on
May 30, 2012.
Our investigation concerns whether the Beacon board of directors
is fulfilling its fiduciary duties, maximizing the value of the
Company, disclosing all material benefits and costs, and obtaining
full and fair consideration for Company shareholders.
If you own Beacon shares and wish to discuss this matter with
us, or have any questions concerning your rights and interests with
regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
Attorney Advertising.© 2012 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP