Vermont-based Chittenden Corp., parent of Worcester’s Flagship Bank, and Bangor, Maine-based Merrill Merchants Bancshares Inc. said May 23 is the deadline for merger consideration elections regarding Chittenden’s proposed acquisition of Merrill Merchants.
Merrill Merchants shareholders who wish to make an election regarding what they’d like to receive for their Merrill Merchants shares must do so by the deadline.
Merrill Merchants shareholders may elect to take cash, shares of Chittenden’s common stock, or a combination of the two.
As of March 23, there were 214 shareholders of record of Merrill Merchants common stock. Those shareholders held an aggregate of 3,574,602 shares of Merrill Merchants common stock.
Also as of March 23, there were 4,211 shareholders of record of Chittenden common stock who held an aggregate of 45,074,570 shares of Chittenden common stock.
Chittenden plans to pay $31 per share for Merrill Merchants.
