People's United jumps 10% after MT agrees to buy the regional bank for $7.6 billion
Summary List Placement People's United Financial surged 10% on Monday after MT Bank agreed to acquire the regional bank for $7.6 billion. The proposed merger will be funded with stock, with MT issuing 0.118 shares for each People's United share. The combined bank will have $200 billion in assets, with locations in 12 states on the East coast. Sign up here for our daily newsletter, 10 Things Before the Opening Bell . People's United Financial surged as much as 10% on Monday after MT Bank agreed to acquire the regional bank in a deal worth $7.6 billion. MT will fund the entire deal with stock, issuing 0.118 shares for each People's United share. The deal represents a 13% premium to Friday's closing price of People's United Financial. The combined regional bank will have locations in 12 states throughout the Northeast and Mid-Atlantic and have approximately $200 billion in assets. Upon the completion of the merger, People's United shareholders will collectively own 28% of the combined company. "Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people's lives," MT CEO René Jones said.
People's United jumps 10% after MT agrees to buy the regional bank for $7.6 billion
Summary List Placement People's United Financial surged 10% on Monday after MT Bank agreed to acquire the regional bank for $7.6 billion. The proposed merger will be funded with stock, with MT issuing 0.118 shares for each People's United share. The combined bank will have $200 billion in assets, with locations in 12 states on the East coast. Sign up here for our daily newsletter, 10 Things Before the Opening Bell . People's United Financial surged as much as 10% on Monday after MT Bank agreed to acquire the regional bank in a deal worth $7.6 billion. MT will fund the entire deal with stock, issuing 0.118 shares for each People's United share. The deal represents a 13% premium to Friday's closing price of People's United Financial. The combined regional bank will have locations in 12 states throughout the Northeast and Mid-Atlantic and have approximately $200 billion in assets. Upon the completion of the merger, People's United shareholders will collectively own 28% of the combined company. "Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people's lives," MT CEO René Jones said.