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Merger Arbitrage Mondays – April 8, 2013

  • April 8, 2013

Merger activity decreased last week with two new deals announced and two closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

New Deals:

  1. The acquisition of American Greetings (AM) by a newly organized entity owned by the Weiss Family for $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash  and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company’s past practice.  If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.
  2. The acquisition of Sterling Bancorp (STL) by Provident New York Bancorp (PBNY) for $344 million in an all stock deal. Under the terms of agreement, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.

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