|
|
Article: Danvers Bancorp, Inc. Announces Completion of Beverly National Corporation Acquisition and Appointment of Three Directors.
- Article from:
- Mergers & Acquisitions Week
- Article date:
- November 18, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Danvers Bancorp, Inc. (NASDAQ: DNBK) ("Danvers"), parent of Danversbank, announced that it has completed its acquisition of Beverly National Corporation (NYSE Amex: BNV) ("Beverly"), parent of Beverly National Bank.
Under the terms of the merger, Beverly stockholders will receive 1.66 shares of Danvers common stock in exchange for each common share of Beverly. Based on the closing price of Danvers common stock on October 29, 2009, the transaction is valued at approximately $23.06 per share of Beverly common stock or approximately $62.1 million in the aggregate.
Effective immediately following today's closing, Beverly President and CEO Don A. Fournier ...