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Fly News Breaks for April 6, 2015
MTB, HCBK
Apr 6, 2015 | 13:20 EDT
After Hudson City Bancorp (HCBK) announced that it had been advised by M&T Bank (MTB) that the Federal Reserve will not act on the banks' merger application before the current termination date of April 30, Morgan Stanley noted that neither company announced an extension to the termination date. Morgan Stanley estimated that Hudson City could be worth about $3 per share on a stand-alone basis, could be more valued above $3, but likely below where shares are currently trading, if other bidders are interested as press reports have indicated. The firm also sees downside potential for M&T Bank shares if the deal gets canceled. Morgan has an Equal Weight rating and $126 price target on M&T Bank.
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