CNB To Discuss Merger With United, Third Suitor
CNB Financial Corp., the parent of Worcester's Commonwealth National Bank, says a third bank has entered the race to acquire the bank and that it will indeed discuss the $23.4 million acquisition proposal from United Financial Bancorp Inc.
CNB has already agreed to be acquired by Berkshire Hills Bancorp Inc. of Pittsfield and is bound by that agreement. It cannot sign an agreement with United unless its agreement with Berkshire has been terminated. CNB is not entitled to terminate the agreement without Berkshire's consent.
Berkshire may terminate the agreement if CNB's board of directors does not recommend approval of the agreement and either bank may terminate the agreement if CNB's shareholders fail to approve it.
A week ago, Berkshire upped its offer for CNB to $9.23 per share from its original offer of $8.50 per share. Earlier this week, United increased its original offer for CNB from $10 per share to $10.25 per share.
Berkshire is offering an all-stock transaction. United has offered a half stock, half cash transaction.
CNB said in a statement this afternoon that it would also begin discussions with an unnamed "additional bank that also made an unsolicited acquisition proposal."
Executives at CNB, Berkshire and United could not be reached for comment.
For additional coverage of the Commonwealth National/Berkshire Hills merger, click here.
WBJ Web Partners
Most Recent
Most Recent
0 Comments