Hogan Lovells Advises Danvers Bancorp on Sale to People's United Financial, Inc.
21 January 2011
Updated Press Release
WASHINGTON, D.C., 21 January 2011 – Hogan Lovells US LLP has advised on the sale of Danvers Bancorp, Inc. (Danvers), a Massachusetts-based holding company with approximately $2.6 billion in assets, to People's United Financial, Inc. (People's), the holding company for People's United Bank.
In a $493 million definitive agreement approved by the boards of directors for both companies, Danvers shareholders may opt to accept either $23.00 in cash or 1.624 shares of People’s stock, which consists of a 45% cash and 55% stock transaction. The completion of this transaction is expected once regular closing conditions are fulfilled, including regulatory approval and a sign-off from Danvers' shareholders. The deal is expected to close in the latter part of 2011's second quarter.
The Hogan Lovells Washington, D.C. office team was led by M&A practice partner Richard Schaberg, and included partners Gregory Parisi, Christian Chandler, and Scott McClure, with assistance from associates Jaime Chase, Nathaniel DeRose, and Matthew Craig.