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Provider: Reuters Investment Profile
Provider: Wright Reports

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Bankwell Financial Group Inc to acquire Quinnipiac Bank & Trust Company

Tuesday, 1 Apr 2014 08:21am EDT 

Bankwell Financial Group Inc:Executes merger agreement pursuant to which Bankwell will acquire Quinnipiac through the merger of Quinnipiac into Bankwell Bank.Under the terms 25 pct of the Quinnipiac shares will be exchanged for $12.00 in cash ($3.6 mln in aggregate) and 75 pct of the Quinnipiac shares will each be exchanged for 0.56 shares of BWFG stock.Quinnipiac shareholders may elect to receive cash, stock or a combination thereof, subject to proration as set forth in the merger agreement.Based on the number of shares of Quinnipiac stock currently outstanding, the amount of total consideration to be paid by Bankwell is currently valued at about $15.0 mln.Expects to close the transaction in Q3 2014. 

Company Quote

-0.0060 -6.84%
3:59pm EDT