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People's United Financial Inc. Message Board

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  • skinz4q skinz4q Aug 27, 2012 6:55 PM Flag

    I Smell Something Big

    With the HCBK announcement today, I'm surprised that PBCT didn't attract any buying interest. It'll be interesting to see if there's a delayed reaction in the next few days. It doesn't appear that there's any takeover premium built into this stock, so I have to conclude that there's absolutely no expectation of any combination in the foreseeable future.

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    • Quote from CEO Robert G. Wilmers of M & T bank in todays Buffalo News "Connecticut is a new but very desirable market." "We've done some business in connecticut, and we think we can continue to grow there."

      • 1 Reply to TSK56
      • The problem with the HCBK deal from our perspective is that MTB would have been one of the most likely acquirers of PBCT--especially as a counter to FNFG moving into CT--but now they're off the market for a while. Really, who else is in a position to buy PBCT at a premium? Not the Citi/BAC/JPM crowd, the last thing they need is another retail acquisition. Most of the other likely deals would be no-premium all-stock "merger of equals" with a bank of similar size. Maybe PNC?

        Might be a good deal for MTB in a year or so once they digest HCBK though--looks like they have their sights set on being a "super-regional" like USB, now that they have HCBK downstate, adding the PBCT footprint probably makes a lot of sense.

 
PBCT
15.08+0.02(+0.13%)Jul 11 4:00 PMEDT

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