Peoples Heritage Financial Group is hoping that a tender offer will help along a planned repurchase of 2.6 million shares of its own stock in connection with its acquisition of Family Bancorp, Haverhill, Mass.
Further details will be released when the company is ready to make the offer to its shareholders, which is slightly different than a repurchase of stock because it makes a public tender offer directly to shareholders instead of buying stock in the open market. The company might also use open market and private transactions in the previously announced buyback.
Repurchase will be subject to the availability of shares at acceptable prices and compliance with securities laws.
The $4.3 billion-asset thrift intends to complete the repurchase by the closing of the acquisition, expected by yearend, but doing so is not a condition of the deal. As part of the acquisition, Peoples is exchanging 1.26 shares of its stock for each Family share.