A third company is pursuing CNB Financial Corp. of Worcester, Mass.
The $297 million-asset CNB — which has already struck a deal with Berkshire Hills Bancorp Inc. in Pittsfield — said Friday that it would begin discussions with United Financial Bancorp Inc. in West Springfield and another, unidentified banking company that also made an unsolicited bid.
CNB initially entered into a definitive agreement to sell itself to the $2.7 billion-asset Berkshire Hills on April 29. Though the deal worked out to $8.50 a share at the time, the price would be paid all in stock and the value fell later along with Berkshire Hill's share price.
United countered May 13 with an unsolicited bid of $10 a share in cash and stock. Berkshire Hills raised its offer to $9.23 a share, and CNB reaffirmed its intent to go through with that deal May 21.
Last week United went up to $10.25 a share.
CNB did not specify when the new bidder came along or provide details about the offer.
It stressed that the agreement with Berkshire Hills remains in effect and cautioned that its talks with the other two companies may not yield results.
