WFSM Shareholder Is Proposing $40 Cash Per Share for Westborough Financial Services, Inc.
WESTBOROUGH, Mass. - Private investor Marc J. Bistricer has announced that he has delivered a letter to the board of directors outlining an alternative acquisition proposal for $40 per share in cash. Bistricer is an authorized representative of the holders of 9.9 percent of the shares of common stock of Westborough Financial Services, Inc. not held by Westborough Bancorp.
Bistricer issued the letter to express concerns about a merger agreement dated November 13, 2006 between Assabet Valley Bancorp, Hudwest Financial Services, Inc., Hudson Savings Bank, Westborough Bancorp and The Westborough Bank.
Bistricer said he believes the $35.00 per share price to be paid in the merger for the non-MHC shares is far below market value. In his letter he also questions the methods used for determining the value, and he is concerned that there has been no effort to obtain a better offer.
“We and our professional advisors are prepared to proceed expeditiously to work constructively with you to structure an alternative acquisition transaction that will deliver superior value to WFS’ public shareholders and that, in all cases, would constitute a superior proposal relative to the merger,” said Bistricer in the letter.
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