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Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Legacy Bancorp, Inc., in Connection with th

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  Published in Business and Finance on Tuesday, December 28th 2010 at 16:35 GMT by Market Wire
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BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Legacy Bancorp, Inc. (aLegacy Bancorpa or the aCompanya) (NASDAQ:LEGC) related to the Companya™s agreement to be acquired by Berkshire Hills Bancorp, Inc. (aBerkshirea). The proposed cash-and-stock transaction is valued at approximately $108 million.

Under the terms of the definitive merger agreement entered into by the parties, Legacy Bancorp shareholders will receive 0.56385 Berkshire common shares plus $1.30 in cash for each share they own of Legacy Bancorp common stock. The proposed transaction values Legacy Bancorp common shares at $13.00 per share, based on the average closing price of Berkshire stock for the 10-day period ended December 15, 2010. The merger is expected to be completed by June 30, 2011. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Legacy Bancorpa™s board of directors.

If you are a shareholder of Legacy Bancorp, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].