BRIDGEPORT, Conn. and
DANVERS, Mass., June 3, 2011 /PRNewswire/ -- People's
United Financial, Inc. (Nasdaq: PBCT) and Danvers Bancorp, Inc.
(Nasdaq: DNBK) today announced the preliminary results of elections
made by Danvers stockholders as to
the form of merger consideration to be received in the pending
merger of Danvers with and into
People's United. The election deadline for Danvers stockholders to have made merger
consideration elections in connection with the pending merger
expired at 5:00 p.m., New York City time, on June 2, 2011.
Of the approximately 20,686,592 shares of Danvers common stock outstanding as of
June 2, 2011:
- the holders of approximately 2,036,786 shares, or 10%, elected
to receive People's United stock;
- the holders of approximately 17,249,433 shares, or 83%, elected
to receive cash; and
- the holders of approximately 1,400,373 shares, or 7%, 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 100 of the foregoing
shares electing to receive stock and approximately 2,053,364 of the
foregoing shares electing to receive cash were made pursuant to the
notice of guaranteed delivery procedure, which requires the
delivery of Danvers shares to the
election agent for the merger by 5:00
p.m., New York City time,
on Tuesday, June 7, 2011. If
the election agent does not receive the required share certificates
or book-entry transfer of shares by this guaranteed delivery
deadline, the Danvers shares
subject to such election will be treated as shares that did not
make a valid election.
Under the terms and conditions of the Agreement and Plan of
Merger, Danvers' stockholders have
the right to elect to receive (i) $23.00 in cash or
(ii) 1.624 shares of People's United common stock for each
share of Danvers common stock,
subject to customary pro ration provisions, whereby 55% of
Danvers shares are exchanged for
stock and 45% for cash. The final allocation of the merger
consideration between cash and stock will be based on, among other
things, the actual number of shares of Danvers common stock outstanding immediately
prior to the closing date, and the final results of the election
process. A press release announcing the final merger
consideration will be issued after it has been determined.
A more complete description of the merger consideration and the
proration procedures applicable to elections is contained in the
proxy statement/prospectus dated April 1,
2011 and mailed to Danvers
stockholders of record on or about April 8,
2011. Danvers stockholders are urged to read the proxy
statement/prospectus carefully and in its entirety. Copies of
the proxy statement/prospectus may be obtained for free by
following the instructions below under "Additional Information
About the Merger and Where to Find It."
The closing of the merger, which remains subject to approval by
the Office of the Massachusetts
Commissioner of Banks and the Massachusetts Board of Bank Incorporation and
the satisfaction or waiver of other customary closing conditions,
has not yet been scheduled.
Additional Information About the Merger and Where to Find
It
In connection with People's United's proposed acquisition of
Danvers, People's United has filed
a registration statement on Form S-4 with the Securities and
Exchange Commission containing a proxy statement/prospectus dated
April 1, 2011, which has been mailed
to Danvers stockholders.
Investors are urged to read these materials, and any other
documents filed by People's United or Danvers with the SEC, because they contain or
will contain important information about People's United,
Danvers 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 www.sec.gov.
The definitive proxy statement/prospectus and the other
documents may also be obtained for free by accessing People's
United's website at www.peoples.com under the tab "Investor
Relations" and then under the heading "Financial Information" or by
accessing Danvers' website at
www.danversbank.com under the tab "Investor Relations" and then
under the heading "SEC Filings." 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., 850 Main Street, Bridgeport,
Connecticut 06604, Attn: Investor Relations.
People's United Financial, a diversified financial services
company with $25 billion in assets,
provides commercial banking, retail and business banking, and
wealth management services through a network of 341 branches in
Connecticut, Vermont, New
York, New Hampshire,
Maine and Massachusetts. Through its subsidiaries,
People's United Financial provides equipment financing, asset
management, brokerage and financial advisory services, and
insurance services.
Danversbank is a wholly-owned subsidiary of Danvers Bancorp,
Inc., a holding company with approximately $2.9 billion in total assets. Danvers Bancorp,
Inc., through Danversbank, offers a wide range of commercial and
retail banking services, including commercial and industrial loans,
commercial real estate loans, owner-occupied residential mortgages
and consumer loans, cash management, debit and credit card
products, online banking, and non-deposit investment products and
investment management services. Danversbank operates a total of 28
branches in the following communities: Andover, Beverly, Boston, Cambridge, Chelsea, Danvers, Hamilton, Malden, Manchester-by-the-Sea, Middleton, Needham, Peabody, Reading, Revere, Salem, Saugus, Topsfield, Waltham, Wilmington, and Woburn, Massachusetts.
SOURCE People's United Financial, Inc.; Danvers Bancorp,
Inc.
