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 was led by Michael Rave and included Richard Leu, Jaclyn D’Esposito, David Doyle, Steve Ziobrowski and Aaron Kriss.More information on this transaction can be viewed here.
Michael Rave will be speaking at Acquire or Be Acquired, an annual conference presented by Bank Director magazine being held in Phoenix from January 28 – 30.
On January 19, Michael Rave will be speaking at the Economic Leadership Forum, presented by the New Jersey Bankers Association.
Stephen Ziobrowski and Andrew Wogman authored the article "Challenges of Selling an S Corporation," which was published by Law360.
Michael Rave participated in a panel session, entitled "CRE Loan Concentrations in 2017: What You Need to Know" at the 2017 NJBankers Annual Conference at The Breakers in Palm Beach, Florida.
Steven Cash co-authored an article, "Evolution of a Valuable Tool for Attorneys: Business Intelligence Practitioners," for the New York Law Journal.
Day Pitney represented Medalist Partners LP and its management team (collectively "Medalist") in a "spinout" of their business unit from Candlewood Investment Group, LP, an established corporate credit and structured credit investment manager ("Candlewood"), which successfully spun out its operations in 2010 from Credit Suisse.
Michael Rave was quoted in an article, "Big Deals Fuel Value Rebound in NJ-Based M&A Market," published by the New Jersey Law Journal.
Lane Watson was quoted in an article, "Connecticut Law Firms Poised to Compete for Corporate Clients," published by the Connecticut Law Tribune.
Peter Bilfield and Steven Gold were quoted in an article, "Day Pitney Lands 2 Corporate Finance Partners," published in Law360.
Jed Davis will be a featured panelist in a CLE program titled, "Implementing the New DFS Cybersecurity Regulation," (click on title to register), sponsored by the Data Law Initiative at Cardozo Law School.