Independent Bank Corp. (INDB), parent of Rockland Trust Company, and Central Bancorp Inc. (CEBK: Quote), parent of Central Bank, jointly announced the April 30, 2012 signing of a definitive deal, pursuant to which Independent Bank Corp. woul acquire Central Bancorp, Inc. and Rockland Trust Company would purchase Central Bank. Rockland Trust's CEO stated that this acquisition would significantly increase the company's presence in the communities of Middlesex County; and expects the transaction to be immediately accretive and bring solid returns to its shareholders.
Pursuant to the deal, 60% of outstanding Central Bancorp., Inc. shares would be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares would be bought for $32.00 per share cash. Based on Independent Bank Corp.'s $28.67 per share closing price on April 27, 2012 the transaction is valued at about $54.8 million.
The transaction has been approved by the boards of each company and is subject to certain conditions. The parties anticipate that the closing of the transaction would likely occur in the fourth quarter of 2012.
by RTT Staff Writer
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