United National Makes 2nd Offer For Worcester's CNB
Just when it looked like Commonwealth National Bank of Worcester had finalized its deal to be acquired by Pittsfield-based Berkshire Hills Bank, United Financial Bancorp of West Springfield increased its offer to $10.25 a share.
The new offer from United Finanical was announced this afternoon via press release. The value of United's offer is valued at $23.4 million.
On Friday, Berkshire Hills announced that it had increased its original offer from $8.50 per share to $9.23. Commonwealth and Berkshire amended their merger agreement to reflect the increased price. The deal is still subject to approval by CNB's stockholders, as well as state and federal regulatory agencies. And now, stockholders at CNB will have to weigh the latest bid from United.
To read past coverage of Commonwealth National Bank, click here.
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