United Financial Bancorp (UBNK) Offers to Acquire CNB Financial for $10/Share
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United Financial Bancorp, Inc. (Nasdaq: UBNK) announced today that it has submitted a proposal to the Board of Directors of CNB Financial Corp. (OTCBB: CFNA) to acquire CNB and its subsidiary Commonwealth National Bank, headquartered in Worcester, MA for $10.00 per share.
Under the terms of the proposal, the transaction would be valued at approximately $22.8 million. CNB shareholders would be permitted to elect between stock and cash, provided that the total cash paid by the Company does not exceed 50% of the total consideration paid.
The Company believes this offer to be superior to the definitive merger agreement announced by CNB and Berkshire Hills Bancorp, Inc. (Nasdaq: BHLB) last month.
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