Berkshire Hills Bancorp/Rome Bancorp
On October 12, 2010, Berkshire Hills Bancorp, Inc. (Nasdaq: BHLB) and Rome Bancorp, Inc. (Nasdaq: ROME) announced that they have entered into an agreement whereby Berkshire Hills will acquire Rome in a $74 million transaction.
Under the terms of the merger agreement, 70% of the outstanding Rome shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.5658 Berkshire shares for each share of Rome. The remaining 30% of Rome shares will be exchanged for cash in the amount of $11.25 per share.
The calculated value is $10.81 per each Rome share.
The merger is expected to be completed in Q111.
Stifel Nicolaus & Company, Incorporated served as the financial advisor to Berkshire, and Sandler O'Neill & Partners, L.P. served as the financial advisor for Rome.
Luse Gorman Pomerenk & Schick, P.C. served as outside legal counsel to Berkshire, while SNR Denton US LLP served as outside legal counsel to Rome.
Under the terms of the merger agreement, 70% of the outstanding Rome shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.5658 Berkshire shares for each share of Rome. The remaining 30% of Rome shares will be exchanged for cash in the amount of $11.25 per share.
The calculated value is $10.81 per each Rome share.
The merger is expected to be completed in Q111.
Stifel Nicolaus & Company, Incorporated served as the financial advisor to Berkshire, and Sandler O'Neill & Partners, L.P. served as the financial advisor for Rome.
Luse Gorman Pomerenk & Schick, P.C. served as outside legal counsel to Berkshire, while SNR Denton US LLP served as outside legal counsel to Rome.
