Rigrodsky & Long, P.A. Investigates Legacy Bancorp, Inc. Buyout
22 Dezembro 2010 - 2:22PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Legacy Bancorp,
Inc. (“Legacy” or the “Company”) (Nasdaq: LEGC) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired by Berkshire
Hills Bancorp, Inc. (Nasdaq: BHLB) (“Berkshire Hills”) in a
transaction valued at approximately $108 million. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/LegacyBancorpInc-LEGC.
Under the proposed agreement, each outstanding share of Legacy
common stock will be exchanged for 0.56385 Berkshire Hills common
shares plus $1.30 in cash. As a result, 90% of the merger
consideration will be in the form of Berkshire stock and 10% will
be in the form of cash. This values each Legacy common share at
approximately $13.00 per share based on the $20.75 average closing
price of Berkshire Hill’s stock for the ten day period ending
December 15, 2010.
The investigation concerns whether Legacy’s board of directors
failed to adequately shop the Company and obtain the best price
possible for Legacy’s shareholders before entering into the
agreement with Berkshire Hills.
If you own the common stock of Legacy and purchased your shares
before December 22, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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