BRIDGEPORT, Conn., April 11 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (the "Company"), the proposed holding company for People's
Bank (Nasdaq: PBCT), announced today that, as a result of the syndicated
offering and the recently completed subscription offering, the Company
expects to sell 172,226,250 shares of common stock at $20.00 per share, for
total offering proceeds of $3.44 billion. The offerings are expected to
close and trading in Company shares is expected to begin on Monday, April
16, 2007.
Orders for a total of 108,241,531 shares at a purchase price of $20.00
per share have been accepted in the syndicated offering, for which Morgan
Stanley & Co. Incorporated acted as global coordinator and sole
book-running manager, Keefe, Bruyette & Woods, Inc., Lehman Brothers Inc.
and Ryan Beck & Co., Inc. acted as joint lead managers and Sandler O'Neill
& Partners, L.P. acted as co- manager. As previously announced, the Company
received orders for 63,984,719 shares in the subscription offering portion
of its second-step conversion, for which Ryan Beck & Co., Inc. acted as
selling agent.
Concurrent with the completion of the offering, shares of People's Bank
common stock owned by the public will be exchanged for shares of the
Company's common stock so that People's Bank existing shareholders will own
approximately the same percentage of the Company's common stock as they
owned of People's Bank's common stock immediately prior to the conversion.
As a result, People's Bank stockholders will receive 2.1000 shares of the
Company's common stock for each share of People's Bank common stock they
hold immediately prior to completion of the transaction. Cash in lieu of
fractional shares will be paid at a rate of $20.00 per share. As a result
of the offering, the exchange, and the contribution to the charitable
foundation, the Company will have approximately 300,824,563 shares
outstanding after giving effect to the transaction.
The Company has received the stockholder and depositor approvals
necessary to complete the conversion. The completion of the conversion
remains subject to final approval from the Office of Thrift Supervision,
including approval of a final appraisal.
The transaction is scheduled to close on April 16, 2007, at which time
People's Mutual Holdings will cease to exist and the Company will become
fully public. The shares of common stock sold in the offering and issued in
the exchange are expected to begin trading on the Nasdaq Global Select
Market on April 16, 2007 under the symbol "PBCTD" for a period of 20
trading days after completion of the offering, and under the symbol "PBCT"
thereafter. Stock certificates for shares purchased in the subscription
offering are expected to be mailed to subscribers on or about April 17,
2007. People's Bank stockholders holding shares in street name or in
book-entry form will receive shares of the Company within their accounts.
People's Bank stockholders holding shares in certificated form will receive
their shares after returning their stock certificates and a properly
completed letter of transmittal to the Company's transfer agent.
This release may contain certain "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, and
may be identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential." Examples
of forward looking statements include, but are not limited to, estimates
with respect to the financial condition, results of operations and business
of People's United Financial and People's Bank that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, general economic
and market conditions, legislative and regulatory conditions, changes in
interest rates that affect People's Bank's interest rate spread, changes in
deposit flows, loan demand or real estate values and other economic,
governmental, competitive, regulatory and technological factors that may
affect People's United Financial's and People's Bank's operations.
A registration statement relating to these securities has been filed
with the United States Securities and Exchange Commission. This press
release is neither an offer to sell nor a solicitation of an offer to buy
common stock. The offer will be made only by means of the written
prospectus forming part of the registration statement.
The shares of common stock are not savings accounts or savings
deposits, may lose value and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.
It's Possible @ People's
SOURCE People's United Financial, Inc.
 back to top
Related links:
http://www.peoples.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Valerie C. Carlson, Corporate Communications,
+1-203-338-2351, Fax, +1-203-338-3461, vccarls@peoples.com, of
People's United Financial, Inc.
|
