Harwood Feffer LLP Announces Investigation of Connecticut Bank and Trust Co.
October 27 2011 - 2:52PM
Business Wire
Harwood Feffer LLP (www.hfesq.com)
is investigating potential claims against the board of directors of
Connecticut Bank and Trust Co. ("CBT" or the "Company") (NASDAQ:
CTBC) concerning the proposed acquisition of the Company by
Berkshire Hills Bancorp, Inc. (“Berkshire”) in a transaction valued
at $30 million.
On October 25, 2011, CBT and Berkshire announced that they had
entered into a definitive merger agreement pursuant to which
Berkshire will acquire CBT. Under the terms of the agreement, 70 %
of outstanding CBT shares will be exchanged for Berkshire shares at
a fixed ratio of 0.3810 Berkshire shares for each CBT share. The
remaining 30% of CBT shares will be exchanged for cash at $8.25 per
share. The transaction is valued at $7.90 per CBT share based on
Berkshire’s average closing price of $20.35 per share for the ten
days ended October 21, 2011.
Our investigation concerns whether the board of directors has
breached its fiduciary duties by failing to adequately shop the
Company and whether the board undertook a fair process and obtained
fair consideration for CBT stockholders.
If you own CBT 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:
Robert I. Harwood, Esq. Peter W. Overs, Jr., Esq. Benjamin
Sachs-Michaels 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. © 2011 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.
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