Briscoe Law Firm Investigates Legacy Bancorp for Shareholders Concerning the Acquisition by Berkshire Hills Bancorp
22 Dezembro 2010 - 7:46PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor LLP are
investigating the proposed acquisition of Legacy Bancorp, Inc.
(“Legacy Bancorp” or “LEGC”) (NASDAQ: LEGC) by Berkshire Hills
Bancorp, Inc. (“Berkshire Hills”) (NASDAQ: BHLB) for shareholders.
The investigation relates to possible breaches of fiduciary duty
and other violations of state law by the Board of Directors of
Legacy Bancorp for approving this transaction, whether Legacy
Bancorp’s Board of Directors acted in the shareholders’ best
interests, and whether the transaction provides fair value and
adequate disclosures to the shareholders.
The definitive merger agreement, which was announced on December
21, 2010, involves a stock-for-stock transaction valued at
approximately $108 million in which Legacy Bancorp shareholders
will receive a fixed ratio of 0.56385 shares of Berkshire Hills
common stock and $1.30 in cash in exchange for each share of Legacy
Bancorp/LEGC common stock they hold. The acquisition price
reportedly represents a value of $13.00 per share to Legacy Bancorp
shareholders, based on Legacy Bancorp’s average share closing price
for the ten-day period ending December 15, 2010. In early 2010,
Legacy Bancorp shares closed at nearly $10.00 per share. “Legacy
Bancorp shares have risen over the past 45 days, and based on the
low premium offered to the shareholders, and other factors, we do
not believe that the acquisition adequately values Legacy Bancorp
shares,” said shareholder rights attorney Willie Briscoe.
If you currently own shares of Legacy Bancorp/LEGC and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm 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 derivative suits,
and security class actions.
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