{"id":113859,"date":"2021-02-22T17:18:29","date_gmt":"2021-02-22T17:18:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113859"},"modified":"2021-02-22T17:18:29","modified_gmt":"2021-02-22T17:18:29","slug":"stock-alert-peoples-united-at-new-high-following-mt-banks-acquisition-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/stock-alert-peoples-united-at-new-high-following-mt-banks-acquisition-deal\/","title":{"rendered":"Stock Alert: People’s United At New High Following M&T Bank’s Acquisition Deal"},"content":{"rendered":"
Shares of People’s United Financial, Inc. (PBCT) are climbing more than 13% Monday morning following M&T Bank’s agreement to buy People’s United for about $7.6 billion in an all-stock transaction.<\/p>\n
As per the deal, People’s United shareholders will receive 0.118 of a share of M&T common stock for each People’s United share they own. Upon completion of the transaction, People’s United shareholders will own about 28% of the combined company.<\/p>\n
The implied total transaction value based on closing prices on February 19, is nearly $7.6 billion.<\/p>\n
The combined company will have assets worth about $200 billion and a network of more than 1,100 branches and over 2,000 ATMs across 12 states from Maine to Virginia and the District of Columbia.<\/p>\n
PBCT touched a new high of $17.85 this morning. <\/p>\n