Rigrodsky & Long, P.A. Announces Investigation of The Connecticut Bank & Trust Company
October 27 2011 - 10:31AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of The Connecticut
Bank & Trust Company (“CBT” or the “Company”) (Nasdaq: CTBC)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Berkshire Hills Bancorp, Inc. (“Berkshire Hills”) in a
transaction with an approximate value of $30 million.
Click here to learn more and to discuss your shareholder rights:
http://investigations.rigrodskylong.com/connecticutbankandtrustcompany-ctbc/.
Under the proposed agreement, 70% of the outstanding CBT shares
will be exchanged for Berkshire Hills shares at a fixed exchange
ratio of 0.3810 Berkshire Hills shares for each share of CBT. The
remaining 30% of CBT shares will be exchanged for cash in the
amount of $8.25 per share. The transaction is valued at $7.90 per
CBT share based on Berkshire's average closing stock price of
$20.35 for the ten trading days ended October 21, 2011.
The investigation concerns whether CBT’s board of directors
adequately shopped the Company to obtain the best price possible
for CBT’s shareholders before entering into the agreement with
Berkshire Hills.
If you own the common stock of CBT and purchased your shares
before October 26, 2011, 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
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware 19801, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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