Sullivan Reps First Niagara In $1.5B NewAlliance Deal

Law360, New York (August 19, 2010, 3:27 PM EDT) -- First Niagara Financial Group has reached a deal to acquire New Haven, Conn.-based NewAlliance Bancshares Inc. in a cash-and-stock transaction valued at $1.5 billion, including transaction costs.

Under the terms of the agreement announced Thursday, each NewAlliance stockholder will receive either 1.10 shares of First Niagara stock, cash, or a combination. Calculated from Wednesday's closing price, the approximate blended value of stock and cash consideration is $14.09 per share, representing a premium of approximately 24 percent from NewAlliance's closing price of $11.36 and a premium of...
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