Stock Alert: Webster Financial Down On Agreement To Combine With Sterling Bancorp
Shares of Webster Financial Corporation (WBS) are down more than 4% Monday morning at $54.53.
Webster Financial and Sterling Bancorp (STL) today announced their decision to merge in an all-stock deal valued at $10.3 billion.
As per the agreement, Sterling will merge into Webster, and Sterling’s shareholders will get 0.463 of a Webster share for each Sterling stock they own.
Upon closing, about 50.4% of the combined company will be owned by Webster shareholders and nearly 49.6% by Sterling shareholders.
WBS has been trading in the range of $19.76- $63.81 in the last one year.
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