Hudson City Bancorp Inc. (HCBK) announced that it had been advised by M&T Bank Corp. (MTB), late in the afternoon on April 3, 2015, that the Federal Reserve Board will not act on M&T's merger application before the current termination date of April 30, 2015 provided for in the Agreement and Plan of Merger, as amended, after which either party can terminate the transaction if the closing has not occurred. As a result, the merger will not close by the previously announced target closing date of May 1, 2015.
Hudson City said its Board of Directors is considering its response to this development and will attempt to reach a determination as soon as possible.
Denis Salamone, Hudson City's Chairman and CEO said "We continue to believe the strategic and economic fundamentals of the merger of Hudson City and M&T are attractive to Hudson City's shareholders, customers and the communities we serve. However, given the unexpected notice of delay over a holiday weekend, the Board of Hudson City needs more time to understand the nature and timing of the delay and its potential impact on the transaction before the Board can determine its course of action."
As a result of the Federal Reserve's decision to not act at this time, the election process regarding the merger consideration that is currently underway has been suspended and Hudson City shareholders should not mail their Hudson City stock certificates to the Exchange Agent. Any stock certificates that have already been sent to the Exchange Agent will be promptly returned.
"We continue to believe that M&T's merger with Hudson City would be beneficial to both institutions, including our shareholders and the customers and communities we serve, and we remain committed to the merger," said M&T Chairman and CEO Robert G. Wilmers.
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