Wachtell Guides M&T Bank In $3.7B Hudson City Deal

Law360, New York (August 27, 2012, 1:15 PM EDT) -- M&T Bank Corp. is picking up Hudson City Bancorp Inc. in a merger deal worth about $3.7 billion, in an effort to bolster its community banking arm, the banks announced Monday.

Inking a definitive agreement, M&T Bank has offered about .08 of its own stock units, or the cash equivalent, for each share of Hudson City stock, which closed at $6.44 per share on Friday. Once the deal closes, M&T Bank will liquidate an investment securities portfolio of Hudson City to repay about $13 billion of...
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