|Over a quarter ago|
ConnectOne Bancorp completes acquisition of Bancorp of New Jersey » 07:0301/0201/02/20
ConnectOne Bancorp (CNOB)…
ConnectOne Bancorp (CNOB) announced the completion of its previously announced acquisition of Bancorp of New Jersey (BKJ), parent of Bank of New Jersey. In accordance with the terms of the Agreement and Plan of Merger, dated August 15, 2019, BKJ merged with and into ConnectOne, effective January 2, 2020. Subject to the allocation and proration procedures set forth in the merger agreement, shareholders of BKJ common stock had the right to elect, with respect to each share of BKJ common stock, to receive either $16.25 in cash or 0.780 of a share of CNOB common stock. The allocation and proration procedures set forth in the merger agreement require that approximately 20% of the shares of BKJ common stock must be converted into cash and the remaining approximately 80% of BKJ common shares must be converted into shares of ConnectOne common stock. Due to these allocation and proration procedures, BKJ shareholders may not receive the exact form of consideration elected, and due to the election and proration procedures a BKJ shareholder may receive a greater or lesser amount of cash or shares than elected. After the closing, ConnectOne's Board of Directors expanded, as agreed to in the merger agreement, to 12 members to include former BKJ director Mark Sokolich. The new independent Director, Mr. Sokolich, is an attorney and Managing Partner of Mark Sokolich, Esq., a Fort Lee, New Jersey law firm. He has represented various banking clients in commercial and residential real estate. Additionally, he's the Mayor of the Borough of Fort Lee and is a former councilman.
ConnectOne, Bancorp of New Jersey expect merger to close on, about Jan. 2 » 07:1012/1312/13/19
ConnectOne Bancorp (CNOB)…
ConnectOne Bancorp (CNOB) and Bancorp of New Jersey (BKJ) said as previously announced, the merger of BKJ with and into ConnectOne is expected to close on or about January 2, 2020. The deadline for holders of BKJ common stock and certain BKJ equity awards to elect the form of consideration they wish to receive in the merger is 5 p.m., EST, on December 30, 2019. As previously announced, holders of BKJ common stock and certain BKJ equity awards may elect to receive, for each share of BKJ common stock, either $16.25 in cash, 0.780 of a share of CNOB common stock, or a combination of cash and shares of CNOB common stock. The cash and stock elections will be subject to allocation and proration procedures, which are described in the election materials, the Joint Proxy Statement/Prospectus, dated October 18, 2019, and in the Agreement and Plan of Merger, dated as of August 15, 2019, by and among ConnectOne and BKJ. The allocation and proration provisions in the merger agreement are designed to ensure that, on an aggregate basis, approximately 80 percent of the shares of BKJ common stock outstanding immediately prior to the completion of the merger will be exchanged for CNOB common stock, and approximately 20 percent of the shares of BKJ common stock outstanding immediately prior to the completion of the merger will be exchanged for cash. A complete description of the allocation and proration procedures is included in the Joint Proxy Statement/Prospectus, which was previously provided to equity holders of BKJ in connection with BKJ's special meeting of shareholders.
Fly Intel: Pre-market Movers » 09:1808/1608/16/19
GE, BKJ, SDRL, NVDA, QD, BGG, DE, DDS, AMAT, HXL
HIGHER: General Electric…
HIGHER: General Electric (GE), up 4% after issuing a response to what it called "meritless" allegations made yesterday in a report by Harry Markopolos. Also, General Electric disclosed that its CEO Lawrence Culp bought 252.2K shares of common stock on August 15. In a note to investors, William Blair analyst Nicholas Heymann addressed the whistleblower report, stating that he does not believe GE's financial statements purposely misrepresent the company's current financial condition and future potential liabilities... Bancorp of New Jersey (BKJ), up 7% after announcing a definitive agreement under which ConnectOne Bancorp (CNOB) will acquire Bancorp of New Jersey for approximately $15.48 per share... Seadrill (SDRL), up 12% after entering into a 50:50 joint venture which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020. UP AFTER EARNINGS: Nvidia (NVDA), up 5%... Qudian (QD), up 4%... Briggs and Stratton (BGG), up 2%. DOWN AFTER EARNINGS: Dillard's (DDS), down 15%... Applied Materials (AMAT), down 3%. LOWER: Hexcel (HXL), down 2% after Goldman Sachs analyst Noah Poponak downgraded the stock to Sell from Neutral and lowered his price target for the shares to $73 from $75. After re-rating year-to-date, the shares are the high-end of the historical valuation range, Poponak tells investors in a research note.
ConnectOne Bancorp to acquire Bancorp of New Jersey for $15.48 per share » 06:5808/1608/16/19
ConnectOne Bancorp (CNOB)…
ConnectOne Bancorp (CNOB) and Bancorp of New Jersey (BKJ) announced a definitive agreement under which ConnectOne will acquire Bancorp of New Jersey. The acquisition is intended to accelerate ConnectOne's strategic focus on increasing client relationships, capitalizing on growth opportunities throughout the company's New York and New Jersey target metropolitan market. Bancorp of New Jersey will add approximately $800M of deposits and loans to ConnectOne. This transaction is approximately 5% accretive to ConnectOne's earnings per share and 3% dilutive to tangible book value per share at closing, excluding the impact of potential revenue enhancement opportunities. The banks have a pro forma combined company total assets of $7B, deposits of $5.4B and loans of $5.9B. Under the terms of the agreement, Bancorp of New Jersey shareholders will have the right to receive, for each share of Bancorp of New Jersey common stock either 0.78 shares of ConnectOne common stock or $16.25 in cash. Bancorp of New Jersey shareholders will have the right to elect all stock consideration, all cash consideration or a combination thereof, subject to customary pro-ration procedures which will result in an aggregate stock/cash consideration mix of 80%/20%. The transaction is presently valued at approximately $113M in the aggregate, or approximately $15.48 per Bancorp of New Jersey share, based upon the closing common stock price of $19.60 for ConnectOne Bancorp as of August 15. The transaction has been unanimously approved by the boards of both companies and is expected to be completed in Q1 of 2020, subject to approval by shareholders of both Bancorp of New Jersey and ConnectOne, as well as regulatory approvals and other customary closing conditions. Effective at the closing of the transaction, one current director of Bancorp of New Jersey's board will join the board of both ConnectOne Bancorp and ConnectOne Bank.