Law Office of Brodsky & Smith, LLC Announces Investigation of Connecticut Bank and Trust Co.
October 28 2011 - 11:30PM
Business Wire
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
investorrelations@brodsky-smith.com, visiting
http://brodsky-smith.com/349-ctbc-connecticut-bank-and-trust-co.html,
or by calling toll free 877-LEGAL-90.
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