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CATC - Cambridge Bancorp News Story

$58.56 3.2  5.9%

Last Trade - 07/08/20

Sector
Financials
Size
Small Cap
Market Cap £310.8m
Enterprise Value £454.2m
Revenue £101.1m
Position in Universe 3143rd / 6395

BRIEF-Cambridge Bancorp And Optima Bank & Trust Company To Merge

Wed 5th December, 2018 11:21pm
Cambridge Bancorp  CATC.O :
    * AND OPTIMA BANK & TRUST COMPANY TO MERGE
    * OPTIMA WILL MERGE WITH AND INTO CAMBRIDGE TRUST IN A STOCK
AND
CASH TRANSACTION
    * DEAL FOR $32.00 IN CASH
    * SAYS ON A PRO FORMA BASIS, TRANSACTION IS EXPECTED TO BE
APPROXIMATELY 3.6% ACCRETIVE TO CAMBRIDGE'S 2020 EARNINGS PER
SHARE
    * TRANSACTION IS PRESENTLY VALUED AT APPROXIMATELY $67
MILLION IN
AGGREGATE
    * UNDER TERMS, EACH SHARE OF OPTIMA STOCK TO BE EXCHANGED
FOR
EITHER 0.3468 SHARES OF CAMBRIDGE COMMON STOCK, OR $32.00 IN
CASH
    * TRANSACTION HAS BEEN APPROVED BY BOARDS OF DIRECTORS OF
BOTH
COMPANIES
    * ON PRO FORMA BASIS, DEAL EXPECTED TO BE ABOUT 3.8%
DILUTIVE TO
TANGIBLE BOOK VALUE PER SHARE WITH EARNBACK PERIOD OF ABOUT 3.4
YEARS.
    * DANIEL MORRISON, CEO OF OPTIMA, WILL JOIN BOARD OF
DIRECTORS OF
BOTH CAMBRIDGE BANCORP AND CAMBRIDGE TRUST COMPANY

Source text for Eikon:  ID:nBw2dq4yka 
Further company coverage:  CATC.O
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