Recent

% | $
Quotes you view appear here for quick access.

Hudson City Bancorp, Inc. Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • patient2invest patient2invest Sep 8, 2012 2:54 PM Flag

    Why trading at a premium?

    Here's what MTB's 8K filing states:

    Subject to the terms and conditions of the Merger Agreement, upon completion of the Merger, Hudson City shareholders will have the right to receive, at their election (but subject to customary procedures applicable to oversubscription and undersubscription for cash consideration), cash or shares of common stock, par value $0.50 per share, of M&T (the "M&T Common Stock"), in either case having a value equal to the product of 0.08403 multiplied by the average closing price of the M&T Common Stock for the ten trading days immediately prior to the completion of the Merger (the "Merger Consideration"). At the closing of the Merger, approximately 40% of the outstanding shares of Hudson City common stock will be converted into right to receive cash in an amount equal to the Merger Consideration and the remainder of the outstanding shares of Hudson City common stock will be converted into the right to receive shares of M&T Common Stock having a value equal to the Merger Consideration.

 
HCBK
10.120.00(0.00%)Oct 30 4:00 PMEDT