NEW YORK, June 1, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Beacon Federal Bancorp, Inc. ("Beacon" or the "Company") (NASDAQ: BFED) concerning the proposed acquisition of the Company by Berkshire Hills Bancorp Inc. ("Berkshire") in a transaction valued at approximately $132 million.
On June 1, 2012, it was announced that Beacon and Hughes have entered into a definitive agreement pursuant to which Berkshire will acquire Beacon. Under the agreement, 50% of the outstanding shares of Beacon will be exchanged for Berkshire shares at an exchange ratio of 0.92 Berkshire shares for each Beacon share, while the remaining 50% of Beacon shares will be exchanged for cash in the amount of $20.50 per share. The transaction is valued at $20.35 per Beacon share based on the closing price of Berkshire stock on May 30, 2012.
Our investigation concerns whether the Beacon board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
If you own Beacon shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising.© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP