logo
Share SHARE
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
Nintendo has launched a new handheld gaming system Galaxy 3DS XL. The new game will combine portable gaming along with 3D technology. Priced at $199.99, it will be available on stores from this week. Mitsubishi Motors Corp. has suspended sales of eight car models in Japan after the country's Transport Ministry said the automaker overstated the fuel-economy figures for those models. Japan's Transport Ministry has ordered Mitsubishi to stop domestic sales of the eight vehicle models and submit correct fuel-economy readings for these vehicles The European Union's executive arm has ordered the Irish government to recover up to 13 billion euros, or $14.5 billion, in taxes from Apple Inc. The European Commission said it has concluded that Ireland granted the U.S. tech giant undue tax benefits of up to 13 billion euros, which is illegal under EU state aid rules. Shares of Apple are down 1 percent in pre-market activity.
comments powered by Disqus
Follow RTT