I sold my HCBK shares yesterday for $7.45/share mainly because MTB (the acquirer) stock is close to a 5 year high. (MTB stock went up over $3/per share when the deal was announced yesterday) I decided not take a chance on a stock so high already. Time will tell whether I made a wise choice. Just telling the message board what I decided. I'm not trying to convince other holders what they should do. Each investor must decide what is best for themselves after all it's always their money that is at risk.
Maybe you should buy back today. MTB stock went up because they had a great deal. And the stock has done well over the years. MTB has had an 835% increase since 1991 and that includes the huge loss during the recession of a high of $122 down to $36. The target is $95.50 which is 9.5% above today's price. That price doesn't factor in the purchase of HCBK and the related higher book value and revenue/earnings gains. MTB could be even higher than the target price by the merger's close. Then there is the chance that HCBK will have another buyout offer. Plus, HCBK probably will continue the dividend untill the merger. MTB stock looks like a good long term investment.