Day Pitney represented Independent Bank Corp. (Independent), parent of Rockland Trust Company, in its definitive merger agreement with MNB Bancorp (MNB), parent of The Milford National Bank and Trust Company (Milford National), for Independent to acquire MNB and Rockland Trust to acquire Milford National. The boards of directors of each company have unanimously approved the transaction, which is anticipated to close during the fourth quarter of 2018, subject to certain conditions.
Under the merger agreement, each share of MNB stock will be exchanged for either 3.55 shares of Independent common stock or $275 in cash, subject to customary pro-ration procedures, which will result in an aggregate stock/cash consideration mix of 75% stock/25% cash. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for MNB shareholders who receive Independent common stock as consideration.
The Day Pitney team representing Independent included Richard Leu, Jaclyn D’Esposito, David Doyle, Steve Ziobrowski and Aaron Kriss.
More information on this transaction can be viewed here.
Day Pitney Partners Stephen Catanzaro, Laurence Smith, and Elizabeth Yoo were featured in New Jersey Law Journal's 2024 New Partners Yearbook, which highlights partners, including lateral partners, made or hired at New Jersey firms.
Day Pitney Partners Sebastian M. Lombardi and Evan C. Reese, III, have been named to the 2024 Lawdragon 500 Leading Energy Lawyers list.
The arrival of New Jersey Corporate Partner Elizabeth Yoo was featured in the New Jersey Law Journal's On the Move and After Hours column.
The news of Elizabeth Yoo joining Day Pitney as a partner in the firm's Corporate practice was featured in Thomson Reuters' The Daily Docket Industry Moves column. Yoo is based in New Jersey.
Day Pitney New Jersey Partner Elizabeth Yoo’s arrival was featured in the Diverse Lawyers Network newsletter. Yoo is a Corporate Partner.
The arrival of New Jersey-based Corporate Partner Elizabeth Yoo was featured in the Law360 Pulse article "Day Pitney Picks Up Another Chiesa Shahinian Corporate Pro."
The arrival of Corporate Partner Laurence Smith and the promotion of Stephen Catanzaro to Partner was featured in the New Jersey Law Journal's On The Move and After Hours column.
The news of Laurence Smith joining Day Pitney as a partner in the firm's Corporate practice was featured in Thomson Reuters' The Daily Docket Industry Moves column.
The arrival of Corporate Partner Elizabeth Yoo to the firm was featured in the Attorney At Law Magazine article "Day Pitney Further Expands Corporate Practice in New Jersey."
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