Gotham Bank of NY to Be Acquired by Provident NY Bancorp (PBNY)
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Gotham Bank of New York (OTCBB: GOBN) announced today that it has entered into a definitive agreement to be acquired by Provident Bank, a wholly owned subsidiary of Provident New York Bancorp (NYSE: PBNY), in an all-cash transaction. Completion of the transaction is subject to the receipt of regulatory and shareholder approval and other customary closing conditions.
Under the terms of the agreement, Gotham Bank's shareholders will receive a per share price equal to the sum of 125% of Gotham Bank's adjusted tangible net worth as of a date shortly prior to the closing date and the implied exercise price of options outstanding as of the closing date, divided by the outstanding shares of Gotham Bank on the closing date assuming full exercise of outstanding options.
The transaction, which has been approved by the boards of directors of both companies, is expected to close in Q312.
Under the terms of the agreement, Gotham Bank's shareholders will receive a per share price equal to the sum of 125% of Gotham Bank's adjusted tangible net worth as of a date shortly prior to the closing date and the implied exercise price of options outstanding as of the closing date, divided by the outstanding shares of Gotham Bank on the closing date assuming full exercise of outstanding options.
The transaction, which has been approved by the boards of directors of both companies, is expected to close in Q312.
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