Brookline Bancorp/Bancorp Rhode Island
On April 20, 2011, Brookline Bancorp, Inc. (Nasdaq: BRKL) and Bancorp Rhode Island, Inc. (Nasdaq: BARI) have entered into a definitive merger agreement whereby Brookline Bancorp will acquire Bancorp Rhode Island and its subsidiary, BankRI, for approximately $234 million in cash and stock.
Under the terms of the merger agreement, shareholders of Bancorp Rhode Island will receive, for each Bancorp Rhode Island share and at the holder’s election, either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock.
Closing is expected in Q411.
Brookline Bancorp was advised in this transaction by J.P. Morgan Securities LLC as financial advisor and Goodwin Procter LLP as legal counsel. Jefferies & Company, Inc. is acting as financial advisor and Hinckley, Allen & Snyder LLP is acting as legal counsel to Bancorp Rhode Island.
Under the terms of the merger agreement, shareholders of Bancorp Rhode Island will receive, for each Bancorp Rhode Island share and at the holder’s election, either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock.
Closing is expected in Q411.
Brookline Bancorp was advised in this transaction by J.P. Morgan Securities LLC as financial advisor and Goodwin Procter LLP as legal counsel. Jefferies & Company, Inc. is acting as financial advisor and Hinckley, Allen & Snyder LLP is acting as legal counsel to Bancorp Rhode Island.
