NBT Bancorp (NBTB) and Alliance Financial (ALNC) announced that they have entered into a definitive agreement under which Alliance will merge with and into NBT. The merger is valued at approximately $233.4M and is expected to close in the second quarter of 2013 subject to customary closing conditions, including receipt of regulatory approvals and approvals by NBT and Alliance stockholders. Under the terms of the merger agreement, each outstanding share of Alliance common stock will be converted into the right to receive 2.1779 shares of NBT common stock upon completion of the merger. The transaction is valued at $48.00 per Alliance share based on NBT's average closing stock price of $22.04 for the five-day trading period ending on October 5.
- Mergers, Acquisitions & Takeovers