Robbins Umeda LLP Is Investigating Bancorp Rhode Island, Inc. Acquisition for Shareholders
20 Abril 2011 - 8:30PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Bancorp Rhode Island, Inc.
(NASDAQ: BARI). The firm has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by members of the board of directors of Bancorp Rhode Island in
connection with their efforts to be acquired by Brookline Bancorp,
Inc. (NASDAQ: BRKL).
If you own stock in Bancorp Rhode Island and would like more
information about your shareholder rights, please contact Gregory
E. Del Gaizo at 800-350-6003 or via the shareholder information
form on our website.
On April 20, 2011, Bancorp Rhode Island and Brookline announced
they entered into a definitive merger agreement under which
Brookline will acquire Bancorp Rhode Island and its subsidiary,
BankRI. Under the terms of the agreement, shareholders of Bancorp
Rhode Island will receive, for each Bancorp Rhode Island share and
at the holder's election, either $48.25 in cash, or 4.686 shares of
Brookline common stock, or a combination thereof. Bancorp Rhode
Island stockholders' elections will be subject to allocation
procedures designed to ensure that approximately half of the
outstanding Bancorp Rhode Island common stock will be converted to
Brookline common stock. The transaction is expected to close in the
fourth quarter of 2011.
The investigation focuses on whether Bancorp Rhode Island's
board is undertaking a fair process to obtain maximum value for its
shareholders. Upon completion of the merger, BankRI will retain its
Rhode Island bank charter and board of directors, and its
headquarters will remain in Providence. Merrill W. Sherman, current
Bancorp Rhode Island Chief Executive Officer, and another Bancorp
Rhode Island director will join the Brookline board. In addition,
at closing, BankRI's Executive Vice President and Chief Lending
Officer, Mark Meiklejohn, will become BankRI's President and Chief
Executive Officer. Further, Bancorp Rhode Island reported better
than expected fourth quarter 2010 revenue results, reporting
revenues for the quarter of $15.89 million beating estimates of
$15.70 million.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/bancorp-rhode-island-inc/
Attorney Advertising.
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