BRIDGEPORT, Conn. and BURLINGTON, Vt., Dec. 26 /PRNewswire-FirstCall/
-- People's United Financial, Inc. (Nasdaq: PBCT) and Chittenden
Corporation (NYSE: CHZ) today announced the preliminary results of
elections made by Chittenden stockholders as to the form of merger
consideration to be received in the pending merger of Chittenden with and
into People's United. The election deadline for Chittenden stockholders to
have made merger consideration elections in connection with the proposed
merger expired at 5:00 p.m., New York City time, on December 24, 2007.
Of the approximately 49,977,612 shares of Chittenden common stock
outstanding as of December 24, 2007:
-- The holders of approximately 24,255,664 shares, or 48.5%, elected to
receive People's United common stock;
-- The holders of approximately 20,541,656 shares, or 41.1%, elected to
receive cash; and
-- The holders of approximately 5,200,292 shares, or 10.4%, submitted
elections expressing no preference as to the form of merger
consideration or did not make a valid election.
The elections with respect to approximately 1,213,633 of the foregoing
shares electing to receive stock and approximately 2,162,559 of the
foregoing shares electing to receive cash were made pursuant to the notice
of guaranteed delivery procedure, which requires the delivery of Chittenden
shares to the exchange agent for the merger by 5:00 p.m., New York City
time, on Friday, December 28, 2007. If the exchange agent does not receive
the required share certificates or book-entry transfer of shares by this
guaranteed delivery deadline, the Chittenden shares subject to such
election will be treated as shares that did not make a valid election.
After the final results of the election process are determined, the
actual merger consideration, and the allocation of the merger
consideration, will be computed using the formula in the merger agreement
and will be based on, among other things, the actual number of shares of
Chittenden common stock outstanding immediately prior to the closing date,
the final results of the election process and the value of People's United
common stock for the five trading days immediately prior to the date the
merger becomes effective. The aggregate amount of cash that will be paid in
the merger is fixed at $1,013,022,898. A press release announcing the final
merger consideration will be issued after the final merger consideration is
determined.
A more complete description of the merger consideration and the
proration procedures applicable to elections is contained in the proxy
statement/prospectus dated October 19, 2007 and mailed to Chittenden
stockholders of record on or about October 23, 2007. Chittenden
stockholders are urged to read the proxy statement/prospectus carefully and
in its entirety. Copies of the proxy statement/prospectus may be obtained
free of charge by following the instructions below under "Additional
Information About the Merger and Where to Find It."
People's United and Chittenden expect to complete the merger on January
1, 2008. The proposed merger remains subject to the satisfaction of
customary closing conditions, including receipt of approvals from various
federal and state regulatory agencies.
Additional Information About the Merger and Where to Find It
In connection with People's United's proposed acquisition of
Chittenden, People's United has filed a registration statement on Form S-4
with the Securities and Exchange Commission containing a proxy
statement/prospectus dated October 19, 2007, which has been mailed to
Chittenden shareholders. Investors are urged to read these materials, and
any other documents filed or to be filed by People's United or Chittenden
with the SEC, because they contain or will contain important information
about People's United, Chittenden and the merger. The proxy
statement/prospectus and other relevant materials, and any other documents
filed by People's United with the SEC, may be obtained free of charge at
the SEC's website at http://www.sec.gov. In addition, investors may obtain free
copies of the documents filed with the SEC by People's United by directing
a written request to People's United Financial, Inc., Bridgeport Center,
850 Main Street, Bridgeport, CT 06604, Attention: Investor Relations.
People's United Financial is a diversified financial services company
providing consumer and commercial banking services through a network of 160
People's United Bank branches, including 75 locations in Super Stop & Shop
stores. Through its subsidiaries, People's United Financial provides
equipment financing, asset management, brokerage and financial advisory
services, and insurance services.
Chittenden is a bank holding company headquartered in Burlington,
Vermont. Through its subsidiary banks(1), Chittenden offers a broad range
of financial products and services to customers throughout Northern New
England, Massachusetts and Connecticut, including deposit accounts and
services; commercial and consumer loans; insurance; and investment and
trust services to businesses, individuals, and the public sector.
Chittenden's news releases, including earnings announcements, are available
on its website at http://www.chittendencorp.com.
(1) Chittenden's subsidiaries are Chittenden Trust Company, The Bank of
Western Massachusetts, Flagship Bank and Trust Company, Maine Bank &
Trust Company, Ocean Bank and Merrill Merchants Bank. Chittenden Trust
Company also operates under the names Chittenden Bank, Chittenden
Services Group, Chittenden Mortgage Services and Chittenden Commercial
Finance, and it owns Chittenden Insurance Group, LLC and Chittenden
Securities, LLC.
SOURCE People's United Financial, Inc.
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Related links:
http://www.peoples.com
http://www.chittendencorp.com
http://www.prnewswire.com/comp/113252.html/
CONTACT:
Brent DiGiorgio, Corporate Communications,
+1-203-338-3135, brent.digiorgio@peoples.com, or Kathy Schirling,
Corporate Marketing, +1-802-238-5437, kschirling@chittenden.com
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