Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Connecticut Bank and Trust Co. (“CBT” or the “Company”) (Nasdaq: CTBC) relating to the proposed acquisition Berkshire Hills Bancorp, Inc. (“Berkshire”).
Under the terms of the transaction, 70% of outstanding CBT shares will be exchanged for Berkshire shares at a fixed ratio of 0.3810 Berkshire share. The remaining 30% of CBT shares will be exchanged for cash at $8.25 per share. The transaction values CBT stock at approximately $7.90 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CBT for not acting in the CBT shareholders' best interests in connection with the sale process to Berkshire. The transaction may undervalue CBT as a result of failing to adequately shop the Company.
If you own shares of CBT stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, visiting http://brodsky-smith.com/349-ctbc-connecticut-bank-and-trust-co.html, or by calling toll free 877-LEGAL-90.