Brief: Connectone Bancorp, Inc. Signs Definitive Agreement To Acquire Bancorp Of New Jersey, Inc.

ConnectOne Bancorp

16/08/2019 12:22

Aug 16 (Reuters) - ConnectOne Bancorp Inc  CNOB.O :
    * CONNECTONE BANCORP, INC. SIGNS DEFINITIVE AGREEMENT TO
ACQUIRE
BANCORP OF NEW JERSEY, INC.
    * CONNECTONE BANCORP INC - TRANSACTION IS PRESENTLY VALUED
AT
APPROXIMATELY $113 MILLION IN AGGREGATE
    * CONNECTONE BANCORP INC - BANCORP OF NEW JERSEY WILL ADD
APPROXIMATELY $800 MILLION OF DEPOSITS AND LOANS TO CONNECTONE
    * CONNECTONE BANCORP INC - DEAL FOR APPROXIMATELY $15.48 PER
BANCORP OF NEW JERSEY SHARE
    * CONNECTONE BANCORP INC - TRANSACTION HAS BEEN UNANIMOUSLY
APPROVED BY BOARD OF DIRECTORS OF BOTH COMPANIES
    * CONNECTONE BANCORP INC - BANCORP OF NEW JERSEY
SHAREHOLDERS WILL
HAVE RIGHT TO ELECT ALL STOCK CONSIDERATION, ALL CASH
CONSIDERATION OR A COMBINATION
    * CONNECTONE BANCORP INC - DEAL IS EPS ACCRETIVE:
APPROXIMATELY 5%
ACCRETIVE TO CONNECTONE'S EARNINGS PER SHARE
    * CONNECTONE BANCORP INC - AGGREGATE STOCK/CASH
CONSIDERATION MIX
OF 80%/20% FOR DEAL
    * CONNECTONE BANCORP - BANCORP OF NEW JERSEY SHAREHOLDERS
WILL
HAVE RIGHT TO RECEIVE, FOR EACH SHARE EITHER 0.78 SHARES OF CO'S
STOCK OR $16.25 IN CASH
    * CONNECTONE BANCORP - AT CLOSING OF TRANSACTION, ONE
CURRENT
DIRECTOR OF BANCORP OF NEW JERSEY'S BOARD TO JOIN BOARD OF BOTH
CONNECTONE BANCORP, CONNECTONE BANK

Source text for Eikon:  ID:nGNX9MVQ9d 
Further company coverage:  CNOB.O 

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