An investigation on behalf of investors of SI Financial Group, Inc. (NASDAQ: SIFI) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 12/17/2018 -- An investigation was announced concerning whether the takeover of SI Financial Group, Inc. is unfair to NASDAQ: SIFI stockholders.
Investors who purchased shares of SI Financial Group, Inc. (NASDAQ: SIFI) and currently hold any of those NASDAQ: SIFI shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain SI Financial Group directors breached their fiduciary duties owed to NASDAQ: SIFI investors in connection with the proposed acquisition.
On December 11, 2018, Berkshire Hills Bancorp, Inc. (NYSE: BHLB) and SI Financial Group, Inc. (NASDAQ: SIFI) announced that they have signed a merger agreement under which Berkshire Hills Bancorp, Inc will acquire SI Financial Group, Inc. (NASDAQ: SIFI) and its subsidiary, Savings Institute Bank and Trust Company, in an all-stock transaction valued at $180 million based on Berkshire's stock price as of the close of business on December 10, 2018. Under the terms of the merger agreement, each outstanding share of SIFI common stock will be exchanged for 0.48 shares of Berkshire Hills common stock, or a value of approximately $14.995 per share.
However, given that NASDAQ: SIFI shares traded in July 2018 as high as $16.35 per share in the open market, the investigation concerns whether the offer is unfair to NASDAQ: SIFI stockholders. More specifically, the investigation concerns whether the SI Financial Group 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.
On December 14, 2018, NASDAQ: SIFI shares closed at $13.09 per share.
Those who are current investors in SI Financial Group, Inc. (NASDAQ: SIFI) shares have certain options and should contact the Shareholders Foundation.
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