Berkshire Bancorp Inc. (OTCQB: BERK) announced that TBB Investments LLC acquired all remaining outstanding common stock of BERK following a merger, with BERK as the surviving entity. Shareholders of BERK, excluding TBB Investments, will receive $12.40 per share or may exercise appraisal rights. The merger was effective without additional authorization, as TBB Investments held over 90% of shares. The transaction is approved by the Federal Reserve Bank of New York and the New York Department of Financial Services, marking a significant shift as BERK common stock will cease to be publicly traded.
Berkshire Bancorp Inc. (OTCQB: BERK) has received approval from the New York State Department of Financial Services for TBB Investments LLC to acquire 100% of its outstanding common stock. This follows prior approval from the Federal Reserve Bank of New York. TBB Investments, which holds over 90% of BERK's shares, has not yet decided whether to proceed with the acquisition. If completed, existing shareholders of BERK not part of TBB Investments would receive a cash payment or could exercise appraisal rights under Delaware law, leading to potential delisting of BERK shares.
Berkshire Bancorp Inc. (OTCQB: BERK) announced that TBB Investments LLC and TBB Intermediate LLC have applied to acquire the company and merge with it. The proposal, led by Moses Marx and family members, aims to acquire 7.3% of BERK shares currently held by other shareholders. This transaction will not change control, as the Marx family would own 100% of BERK shares if completed. The application is subject to regulatory approval, and no definitive agreements are in place yet.