The "go-shop" period following the announcement of the Legacy Bancorp Inc. and Berkshire Hills Bancorp Inc. merger has expired, marking another step toward completion of the deal.

Under the December merger agreement, wherein Berkshire Hills will acquire Legacy Bancorp for $108 million, Legacy had the right to pursue alternative acquisition proposals from third parties through Jan. 31. Although Keefe, Bruyette & Woods Inc., Legacy’s financial advisor, informed various other banking companies of the "go shop" period, Legacy did not receive any alternative acquisition proposals, according to a statement.

The Legacy board of directors continues to believe that the merger agreement and the merger and other transactions contemplated by the agreement are in the best interests of Legacy and its stockholders, according to a statement.

Under the terms of the agreement, each outstanding share of the Legacy’s common stock will be exchanged for 0.56385 Berkshire common shares plus $1.30 in cash. As a result, 90 percent of the merger consideration will be in the form of Berkshire stock and 10 percent will be in the form of cash. Legacy and Berkshire anticipate that the merger will be completed by June 30, subject to customary closing conditions, including receipt of stockholder and regulatory approvals.

Legacy and Berkshire expect to file with the Securities and Exchange Commission preliminary proxy materials relating to the special meetings of Legacy and Berkshire stockholders to vote on the proposed merger in March.