TD Banknorth Announces Final Hudson United Merger Consideration Election Results and Proration
08 Fevereiro 2006 - 6:30PM
Business Wire
TD Banknorth Inc. (NYSE: BNK) announced today the final merger
consideration election results and proration of cash and stock
related to its acquisition of Hudson United Bancorp (NYSE: HU) on
January 31, 2006. Pursuant to the merger agreement, holders of
shares of Hudson United common stock are entitled to receive for
each share outstanding either cash or stock, or a combination
thereof, in an amount equal to $42.42, based on the average closing
price of the TD Banknorth common stock during the ten-trading day
period prior to the closing date, subject to proration as provided
in the merger agreement, plus cash in lieu of any fractional share
interest. The election period for Hudson United shareholders to
choose the form of merger consideration ended on January 26, 2006.
Of the 45,022,050 shares of Hudson United common stock outstanding
on January 31, 2006, 18,578,629 of the shares, or approximately
41%, elected to receive cash, and a total of 26,443,421 of the
shares, or approximately 59%, either elected to receive TD
Banknorth common stock or were deemed, pursuant to the merger
agreement, to have elected to receive TD Banknorth common stock.
Based on the above elections and in accordance with the merger
agreement, Hudson United shareholders who elected to receive cash
will receive an amount of cash equal to $42.42 per outstanding
share. Hudson United shareholders who elected (or were deemed to
have elected) stock will receive 1.2426 shares of TD Banknorth
common stock plus $5.81 in cash per outstanding share, plus cash in
lieu of any fractional share interest. About TD Banknorth Inc. TD
Banknorth Inc. is a leading banking and financial services company
headquartered in Portland, Maine and a majority-owned subsidiary of
TD Bank Financial Group. At January 31, 2006, TD Banknorth had over
$40 billion of total consolidated assets and provided financial
services to more than 1.5 million households in the Northeast. TD
Banknorth's banking subsidiary, TD Banknorth, N.A., operates
banking divisions in Maine, New Hampshire, Massachusetts,
Connecticut, Vermont, New York, New Jersey and Pennsylvania. TD
Banknorth and TD Banknorth, N.A. also operate subsidiaries and
divisions in insurance, wealth management, merchant services,
mortgage banking, government banking, private label credit cards,
insurance premium financing and other financial services and offer
investment products in association with PrimeVest Financial
Services, Inc. The TD Banknorth common stock trades on the New York
Stock Exchange under the symbol "BNK". For more information, visit
http://www.tdbanknorth.com.
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