Sterling's $344M Provident Merger Backed By Proxy Advisers

Law360, New York (September 17, 2013, 4:42 PM EDT) -- Sterling Bancorp said Tuesday that three independent proxy advisory firms have recommended that the company’s shareholders approve its proposed merger with Provident New York Bancorp in a $344 million stock deal that will launch a New York-area bank with $7 billion in assets.

The recommendations from Institutional Shareholder Services, Glass Lewis & Co. and Egan-Jones Proxy Services come five months after the companies announced the merger, which was quickly met with shareholder resistance in the form of two class actions opposing the deal. The investors accused...
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