The Firm is representing People’s United Financial, Inc. (“People’s United”), the holding company for People’s United Bank, in its cash and stock acquisition of Danvers Bancorp, Inc. (“Danvers”), the holding company for Danversbank, valued at approximately $493 million.
Under the terms of the agreement, Danvers shareholders may elect to receive either $23.00 in cash or 1.624 shares of People’s United stock for each Danvers share, subject to customary pro ration provisions. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Danvers’ shareholders. The transaction is expected to close in the second quarter of 2011.
People’s United is the largest independent bank headquartered in New England with approximately $25 billion in total assets. Founded in 1842, People’s United provides consumer, commercial, insurance, retail investment and wealth management and trust services to personal and business banking customers. Massachusetts-based Danvers offers a wide range of commercial and retail banking services and has approximately $2.6 billion in total assets.
The Simpson Thacher team includes: Lee Meyerson, Elizabeth Cooper and Ariel Oxman (M&A); Samantha Shipp (Executive Compensation and Employee Benefits); Gary Mandel, Jonathan Goldstein and Danny Salinas (Tax), David Shevlin and Jennifer Maimone-Medwick (Exempt Organizations) and paralegal Matthew Dresher.