Rome Bank Investors Sue To Block $74M Merger

Law360, New York (October 29, 2010, 5:01 PM EDT) -- A putative class of Rome Bancorp Inc. shareholders has sued the company, its potential buyer and its individual directors for allegedly capitalizing on the recession by striking an unfair merger deal that hurts the investors.

A $74 million offer announced earlier in October by Berkshire Hills Bancorp Inc. would yield $10.81 per share for investors, less than the $11 value estimated by at least one analyst, plaintiffs argued Wednesday in the Delaware Chancery Court.

The proposed deal also restricts Rome's ability to solicit competing offers and...
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