Robbins Umeda LLP Is Investigating Bancorp Rhode Island, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Bancorp Rhode Island, Inc. (NASDAQ: BARI). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Bancorp Rhode Island in connection with their efforts to be acquired by Brookline Bancorp, Inc. (NASDAQ: BRKL).
On April 20, 2011, Bancorp Rhode Island and Brookline announced they entered into a definitive merger agreement under which Brookline will acquire Bancorp Rhode Island and its subsidiary, BankRI. Under the terms of the agreement, shareholders of Bancorp Rhode Island will receive, for each Bancorp Rhode Island share and at the holder’s election, either $48.25 in cash, or 4.686 shares of Brookline common stock, or a combination thereof. Bancorp Rhode Island stockholders’ elections will be subject to allocation procedures designed to ensure that approximately half of the outstanding Bancorp Rhode Island common stock will be converted to Brookline common stock. The transaction is expected to close in the fourth quarter of 2011.
The investigation focuses on whether Bancorp Rhode Island’s board is undertaking a fair process to obtain maximum value for its shareholders. Upon completion of the merger, BankRI will retain its Rhode Island bank charter and board of directors, and its headquarters will remain in Providence. Merrill W. Sherman, current Bancorp Rhode Island Chief Executive Officer, and another Bancorp Rhode Island director will join the Brookline board. In addition, at closing, BankRI’s Executive Vice President and Chief Lending Officer, Mark Meiklejohn, will become BankRI’s President and Chief Executive Officer. Further, Bancorp Rhode Island reported better than expected fourth quarter 2010 revenue results, reporting revenues for the quarter of $15.89 million beating estimates of $15.70 million.
If you own stock in Bancorp Rhode Island and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.