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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
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.