FONT-SIZE Plus   Neg

Independent Bank, Central Bancorp Inc. Ink Definitive Merger Deal - Quick Facts

Independent Bank Corp. (INDB), parent of Rockland Trust Company, and Central Bancorp Inc. (CEBK), 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Flying is the passion for British aviatrix Tracey Curtis Taylor, and she is now on a solo flight to cross three continents and 23 countries in her own vintage open cockpit biplane. She has already crossed half of her journey from U.K. to Australia with a target to cover 13 thousand miles. Sony Computer Entertainment Inc. Wednesday revealed that its popular PlayStation4 computer entertainment system has achieved total sales of more than 30.2 million units worldwide in a period of two years. The PS4 system is currently available in 124 countries. Cement giant LafargeHolcim (HCMLY.PK, HCMLF.PK), formed by the combination of French Lafarge and Swiss peer Holcim, Wednesday said its sales declined for the third quarter as well as nine months.
comments powered by Disqus
Follow RTT