BALA CYNWYD, Pa., June 17, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Beverly National Corporation ("Beverly National" or the "Company") (AMEX:BNV) relating to the proposed merger with Danvers Bancorp, Inc. ("Danvers Bancorp") (Nasdaq:DNBK).
Under the proposed agreement, Beverly National shareholders will receive a fixed exchange ratio of 1.66 shares of Danvers Bancorp stock for each share of Beverly National common stock they own. Based on Danvers Bancorp's June 16, 2009 closing price the transaction is valued at approximately $23.04 per share or $61.95 million. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Beverly National's board's approval of the proposed merger. The offer represents only a small increase above Beverly National's 52 week trading range and Beverly's CEO will become an executive vice president and member of the senior management team at Danvers.
If you own shares of Beverly National and wish to discuss the legal ramifications of the proposed acquisition by Danvers Bancorp, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.