Chittenden (CHZ) to Acquire Community Bank & Trust Company (CBNH)
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Chittenden Corporation (NYSE: CHZ) and Community Bank & Trust Company (OTCBB: CBNH) signed a definitive merger agreement whereby Chittenden will acquire Community Bank & Trust Company headquartered in Wolfeboro, New Hampshire for approximately $124.1 million in cash and stock.
Under the terms of the merger agreement, assuming all options will be cashed out at closing, shareholders of Community can elect to receive $33.37 per share in cash, with total cash consideration of approximately $33.4 million, or 1.1293 shares of Chittenden common stock for each share of Community Bank & Trust Company stock they own, with total stock consideration of approximately 3.1 million shares of Chittenden common stock.
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