Bancorp of New Jersey jumps on buyout deal

ConnectOne Bancorp

16/08/2019 13:12

** Shares of bank holding co Bancorp of New Jersey Inc
 BKJ.A  up 9% at $15 premarket; set to open at a 9-mnth high
    ** Stock among top percentage gainers across all exchanges
    ** Peer ConnectOne Bancorp Inc  CNOB.O  to buy BKJ in a deal
valued at $113 mln or $15.48 per BKJ share  urn:newsml:reuters.com:*:nASB01ZPX
    ** BKJ stockholders will receive either 0.78 shares of
ConnectOne common stock or $16.25 in cash, for every BKJ share
held
    ** BKJ's acquisition expected to add to CNOB's earnings by
about 5%
    ** Deal expected to close in Q1, 2020
    ** CNOB flat premarket
    ** Up to Thursday's close, BJK up 5.6% this year, CNOB up
6.1% vs. S&P 500's  .SPX  13.6% rise

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))