Independent Bank Corp. (INDB) to Merge with Central Bancorp (CEBK)
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Shares of Central Bancorp (Nasdaq: CEBK) halted to announce: a definitive agreement to merge with Independent Bank Corp. (Nasdaq: INDB). Under the terms of the agreement, 60% of outstanding Central Bancorp., Inc. shares will be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares will be purchased for $32.00 per share in cash. Based upon Independent Bank Corp.’s $28.67 per share closing price on April 27, 2012 the transaction is valued at approximately $54.8 million.
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