Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of The Connecticut Bank & Trust Company (“Connecticut Bank & Trust” or “CTBC”) (NASDAQ: CTBC) to Berkshire Hills Bancorp, Inc. for shareholders. Under the proposed buyout, Connecticut Bank & Trust shareholders will receive either a fixed-ratio of 0.3810 shares of Berkshire Hills stock or $8.25 in cash for each share of CTBC stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves a stock-for-stock and cash transaction valued at approximately $30 million. Under the terms of the acquisition, 70% of the outstanding shares of CTBC will be exchanged for a fixed ratio of 0.3810 shares of Berkshire Hills stock. Based on Berkshire Hills’ closing price the day before the acquisition announcement, the value to CTBC shareholders is only $7.69 per share, which is well below the price that CTBC shares traded as recently as February 2011. The remaining 30% of CTBC shares will be exchanged for $8.25 in cash per share.
“Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe. In addition, the firms are investigating the fairness of the proposed transaction to Connecticut Bank & Trust shareholders and whether Connecticut Bank & Trust’s Board of Directors acted in the shareholders’ best interest.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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