The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of ...
13 October 2010 - 2:37AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Rome Bancorp, Inc. (“Rome” or the “Company”) (NasdaqGM:ROME) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to
Berkshire Hills Bancorp, Inc. (“Berkshire Hills”) (NasdaqGS:BHLB).
Under the terms of the transaction, 70% of the outstanding Rome
shares will be exchanged for Berkshire shares at a fixed exchange
ratio of 0.5658 Berkshire shares for each share of Rome. The
remaining 30% of Rome shares will be exchanged for cash in the
amount of $11.25 per share. Based on Berkshire's closing stock
price of $18.78 on October 11, 2010, the combined consideration for
Rome's shares is calculated at $10.81 per share. The total
transaction is valued at approximately $74 million.
Click here to learn how to join the action:
http://www.zlk.com/rome-bancorp.html, or call: 877-363-5972.
The investigation concerns whether the Rome Board of Directors
breached their fiduciary duties to Rome stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Berkshire Hills is underpaying for Rome shares, thus
unlawfully harming Rome stockholders. In particular, at least one
analyst set a price target for Rome stock at $11.00 per share.
If you own common stock in Rome and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or visit http://www.zlk.com/rome-bancorp.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information, please
feel free to contact any of the attorneys listed below.
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