Simpson Reps People's United In $493M Danvers Buy

Law360, New York (January 21, 2011, 2:44 PM EST) -- People's United Financial Inc. revealed plans Thursday to snap up Danvers Bancorp Inc. for $493 million in cash and stock, a deal the company said would make it the seventh-largest bank in Massachusetts and expand its New England footprint.

Under the terms of the deal, shareholders of Danvers Bancorp — the holding company for Danvers, Mass.-based Danversbank — may elect to receive either $23 in cash or 1.624 shares of People’s United Financial stock for each Danvers Bancorp share, People's United said.

The transaction — which...
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