San Diego, CA -- (SBWire) -- 04/29/2016 --An investigation for shareholders of Chicopee Bancorp, Inc. (NASDAQ:CBNK), was announced concerning whether the takeover of Chicopee Bancorp, Inc. by Westfield Financial, Inc for a value of $20.42 per share is unfair.
On April 04, 2016, Westfield Financial, Inc., the holding company for Westfield Bank (collectively "Westfield"), and Chicopee Bancorp, Inc. (NASDAQ:CBNK), the holding company for Chicopee Savings Bank, announced the signing of a definitive merger agreement whereby Chicopee will merge with and into Westfield
Investors who purchased shares of Chicopee Bancorp, Inc. (NASDAQ:CBNK) and currently hold any of those NASDAQ:CBNK shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Chicopee Bancorp, Inc. breached their fiduciary duties owed to NASDAQ:CBNK investors in connection with the proposed acquisition.
Under the terms of the agreement, Chicopee Bancorp, Inc. (NASDAQ:CBNK) shareholders will be entitled to receive 2.425 shares of Westfield common stock for each share of Chicopee common stock, equal to $20.42 per share, based on the closing price for Westfield common stock on April 4, 2016.
However, the investigation concerns whether the offer is unfair to NASDAQ:CBNK stockholders. More specifically, the investigation concerns whether the Chicopee Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Chicopee Bancorp, Inc. (NASDAQ:CBNK) closed on April 28, 2016, at $18.17 per share.
Those who are current investors in Chicopee Bancorp, Inc. (NASDAQ:CBNK) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Chicopee Bancorp, Inc. (NASDAQ:CBNK) Shareholder Alert: Buyout Under Investigation
An investigation on behalf of investors of Chicopee Bancorp, Inc. (NASDAQ:CBNK) in connection with the proposed takeover was announced and NASDAQ:CBNK stockholders should contact the Shareholders Foundation.