People's United Buys Financial Federal For $738M

Law360, New York (November 23, 2009, 1:29 PM EST) -- People's United Financial Inc. has announced it has reached a deal to acquire Financial Federal Corp. in a stock-and-cash deal worth about $738 million.

People's United Financial, the holding company for People's United Bank, would pay Financial Federal shareholders about $27.74 per share, or $11.27 in cash plus one share of People's United stock, valued Friday at $16.47. Exact figures would depend on share value when the deal closes sometime in the first quarter of 2010, according to news releases from the companies.

The current shareholder...
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