Merchants Bancshares, Inc. Stockholders Approve Merger
MERCHANTS BANCSHARES (MBVT)
Last merchants bancshares earnings: 4/20 04:01 pm
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US:NASDAQ Investor Relations:
investors.mbvt.com
Company Research
Source: PR Newswire
SOUTH BURLINGTON, Vt., March 23, 2017 /PRNewswire/ -- Merchants Bancshares, Inc. (NASDAQ: MBVT) (the "Company") today announced that its stockholders have voted to approve the previously announced merger of the Company with Community Bank System, Inc. Consummation of the merger is subject to regulatory approval and the satisfaction of other customary closing conditions.On October 24, 2016, the Company and Community Bank System announced that they had entered into a definitive merger agreement under which Community Bank System will acquire the Company in a cash and stock transaction for total consideration valued at approximately $304 million. Under the terms of the agreement, the Company's stockholders will have the option to receive, at their election, consideration per share equal to (i) 0.9630 shares of Community Bank System common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash, subject to an overall pr
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