Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of SI Financial Group, Inc. (NASDAQGM: SIFI) (“SIFI” or the “Company”) to Berkshire Hills Bancorp, Inc. (NYSE: BHLB). Under the terms of the transaction, SIFI shareholders will receive 0.48 shares of Berkshire Hills stock for each share of SIFI stock they own. Based on the closing price of Berkshire Hills stock on December 10, 2018, this represents a value of $14.995 per share.
The SIFI merger investigation concerns whether the Board of SIFI breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Berkshire Hills is underpaying for SIFI shares, thus unlawfully harming SIFI shareholders.
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