-
The two Pennsylvania banks renegotiated part of their deal, to make it harder for Tower to back out of its sale to Susquehanna. It's another example of volatile stocks complicating bank M&A.
October 3
Shareholders of Susquehanna Bancshares Inc. in Lititz, Pa., and Tower Bancorp Inc. in Harrisburg, Pa., have approved the companies' proposed merger.
Under the deal, the $15 billion-asset Susquehanna will buy Tower. Shareholders at the $2.5 billion-asset will receive either 3.4696 shares of Susquehanna common stock or $28 in cash for each Tower share, as long as $88 million of the amount is paid in cash.
The deal is expected to close in mid-February. The combined company will have about $17.8 billion in assets and almost 260 locations in Pennsylvania, Maryland, New Jersey and West Virginia.
In October, it was disclosed that an amendment to the deal would have made it harder for Tower to back out of the agreement. The change tightened the terms of when Tower could call off the sale without having to pay the termination fee.
