BRIDGEPORT, Conn. and BURLINGTON, Vt., Jan. 8 /PRNewswire-FirstCall/ --
People's United Financial, Inc. (Nasdaq: PBCT) today announced the merger
consideration to be received by Chittenden shareholders in People's
United's acquisition of Chittenden Corporation, which was completed on
January 1, 2008.
Based on final election results and applying the proration provisions
set forth in the merger agreement, Chittenden shareholders will receive the
following merger consideration:
-- Chittenden shareholders will receive $35.636 for each Chittenden share
for which they made a valid cash election;
-- Chittenden shareholders will receive $35.636 per share for
approximately 7.7% of the shares for which they made a valid stock
election and 2.0457 shares of People's United common stock per share
for approximately 92.3% of the shares for which they made a valid
stock election; and
-- Chittenden shareholders who did not make a valid election will receive
$35.636 per Chittenden share.
Under the merger agreement, fractional shares of People's United common
stock will not be issued. Instead, Chittenden shareholders will receive
cash based on the average closing price of People's United common stock of
$17.42 for the five-day period ended December 31, 2007.
Of the 50,060,657 shares of Chittenden common stock outstanding
immediately prior to the closing of the merger:
-- 19,940,019 shares, or 39.8%, elected to receive cash;
-- 23,449,673 shares, or 46.9%, elected to receive People's United common
stock; and
-- 6,670,965 shares, or 13.3%, did not make a valid election or did not
express a preference.
The total consideration paid by People's United was approximately $1.8
billion, which was comprised of approximately 44.3 million shares of common
stock valued at $771 million; and $1.01 billion in cash.
People's United Financial is a diversified financial services company
with approximately $21 billion in assets, providing consumer and commercial
banking services through a network of more than 300 branches in
Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York.
Through its subsidiaries, People's United Financial provides equipment
financing, asset management, brokerage and financial advisory services, and
insurance services.
People's United Bank. Everything Starts With You.
SOURCE People's United Financial, Inc.
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Related links:
http://www.peoples.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Brent Di Giorgio, Corporate Communications of
People's United Financial, Inc., +1-203-338-3135, Fax:
+1-203-338-3461, brent.digiorgio@peoples.com
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