SCHENECTADY, N.Y. - Trustco Bank Corp. said on Thursday that proxy advisory firm Institutional Shareholder Services recommended that shareholders of Cohoes Bancorp and Hudson River Bancorp vote against their proposed merger at meetings Aug. 17.
In April, Cohoes, of Cohoes, N.Y., and Hudson River, of Hudson, N.Y., agreed to a merger of equals valued then at $89 million, or $11 a share. In June, Trustco made unsolicited offers for both, with the Cohoes offer valued at $126 million, or $14 a share, and the one for Hudson River at $16 a share.
Ambanc Holding Co., in Amsterdam, N.Y., has also made an offer for Cohoes, of $16.50 a share in cash. Cohoes on Wednesday said that its board reviewed and unanimously rejected Ambanc's offer, which it called inadequate.