Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of The Connecticut Bank & Trust Company (“CBT” or the “Company”) (Nasdaq: CTBC) 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. (“Berkshire Hills”) in a transaction with an approximate value of $30 million.
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Under the proposed agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire Hills shares at a fixed exchange ratio of 0.3810 Berkshire Hills shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share. The transaction is valued at $7.90 per CBT share based on Berkshire's average closing stock price of $20.35 for the ten trading days ended October 21, 2011.
The investigation concerns whether CBT’s board of directors adequately shopped the Company to obtain the best price possible for CBT’s shareholders before entering into the agreement with Berkshire Hills.
If you own the common stock of CBT and purchased your shares before October 26, 2011, 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 19801, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org.
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.
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