Business & Finance
Business and Finance
Business and Finance
Thu, October 27, 2011 Rigrodsky & Long, P.A. Announces Investigation of The Connecticut Bank & Trust Company
WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of The Connecticut Bank & Trust Company (aCBTa or the aCompanya) (Nasdaq: [ CTBC ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companyas entry into an agreement to be acquired by Berkshire Hills Bancorp, Inc. (aBerkshire Hillsa) in a transaction with an approximate value of $30 million.
Click here to learn more and to discuss your shareholder rights: [ http://investigations.rigrodskylong.com/connecticutbankandtrustcompany-ctbc/ ].
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 CBTas board of directors adequately shopped the Company to obtain the best price possible for CBTas 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 [ 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.
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