INVESTOR ALERT: Beacon Federal Bancorp, Inc. Is Investigated by Faruqi & Faruqi, LLP
June 05 2012 - 2:54PM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm
headquartered in New York City, is investigating the Board of
Directors of Beacon Federal Bancorp, Inc. (“Beacon” or the
“Company”) (NASDAQ: BFED) for potential breaches of fiduciary
duties in connection with their conduct related to the sale of the
Company to Berkshire Hills Bancorp, Inc. (“Berkshire”) (NASDAQ:
BHLB) in a cash-and-stock deal valued at about $132 million. Under
the terms of the proposed transaction, 50% of the outstanding
Beacon shares will be exchanged for Berkshire shares at a fixed
exchange ratio of 0.92 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 $19.73 per
Beacon share, based on the $20.60 Berkshire closing stock price on
June 4, 2012, while according to Yahoo! Finance, at least one
financial analyst has set a price target of $20.00 for Beacon.
Request more information now by clicking here:
www.faruqilaw.com/BFED. There is no cost or obligation to you.
Whether Beacon’s Board of Directors breached their fiduciary
duties to the Company’s stockholders by failing to conduct an
adequate and fair sales process prior to agreeing to this proposed
transaction, whether the proposed transaction undervalues Beacon’s
shares and by how much this proposed transaction undervalues the
Company to the detriment of Beacon’s shareholders are the key focus
of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, throughout all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
If you own common stock in Beacon and wish to obtain additional
information and protect your investments free of charge, please
visit us at www.faruqilaw.com/BFED or contact Juan E. Monteverde,
Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone
at (877) 247-4292 or (212) 983-9330.
Attorney Advertising. (C) 2012 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
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