Independent Bank Corp. (INDB), parent of Rockland Trust Co. Tuesday announced agreement to acquire Mayflower Bancorp, Inc. (MFLR) for approximately $37.2 million.
Under the agreement, 70 percent of outstanding Mayflower shares will be exchanged for Independent shares at a fixed exchange ratio of 0.565 of an Independent share for each Mayflower share.
The remaining 30 percent of outstanding Mayflower shares will be purchased by Independent Bank for $17.50 per share.
The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Mayflower shareholders who receive Independent shares.
Mayflower acquisition is expected to be be approximately 1.5 percent accretive to 2014 earnings, exclusive of one-time charges, primarily driven by consolidation efficiencies and approximately 2 percent.
The transaction is expected to close in the fourth quarter, pending required regulatory approvals, approval by Mayflower shareholders, and other standard conditions.
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