SCHENECTADY, N.Y. - Trustco Bank Corp. said Monday that it would drop its tender offers for both Hudson River Bancorp and Cohoes Bancorp, effectively removing a major obstacle from the two upstate New York companies' merger deal.
Trustco made tender offers Nov. 1 to buy Hudson River and Cohoes and has been pursuing them both since they announced in April that they had agreed to merge. That deal ultimately collapsed, but Hudson River announced last week that it has agreed to pay $19.50 a share for Cohoes, well above its initial offer of $11.
"Since our fellow Cohoes shareholders are now expected to receive ample compensation for their Cohoes stock, we are taking action today to withdraw our exchange offers for both Cohoes and Hudson River," Trustco said in documents filed with the Securities and Exchange Commission.
Trustco also said it has withdrawn its four nominees for election to Cohoes board of directors.