Rigrodsky & Long, P.A. Investigates Rome Bancorp, Inc. Buyout
12 Oktober 2010 - 4:39PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Rome Bancorp,
Inc. (“Rome Bancorp” or the “Company”) (Nasdaq: ROME) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s entry into an agreement to be acquired by
Berkshire Hills Bancorp, Inc. (“Berkshire”), in a cash and stock
transaction valued at approximately $74 million. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/RomeBancorpInc-ROME.
Under the proposed agreement, 70% of the outstanding Rome
Bancorp shares will be exchanged for Berkshire shares at a fixed
exchange ratio of 0.5658 Berkshire shares for each share of Rome
Bancorp. The remaining 30% of Rome Bancorp 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 Bancorp’s shares is calculated at $10.81 per
share.
The investigation concerns whether Rome Bancorp’s board of
directors failed to adequately shop the Company and obtain the best
price possible for Rome Bancorp’s shareholders before entering into
the agreement with Berkshire. Indeed, according to Yahoo! Finance,
at least one analyst has set a price target of $11.00 per share for
Rome Bancorp stock.
If you own the common stock of Rome Bancorp and purchased your
shares before October 12, 2010, 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, 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.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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