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(RTTNews) - Investors Bancorp, Inc. (ISBC), the holding company for Investors Bank, Wednesday said it has agreed to be acquired by Citizens Financial Group, Inc. (CFG) for a combination of stock and cash. The implied total transaction value is approximately $3.5 billion.What does the citizens and Investors Bancorp deal mean for shareholders?
Under the terms of the deal, Investors Bancorp shareholders will receive 0.297 of a Citizens stock and $1.46 in cash for each share owned, and will own 14% of the combined company The deal is expected to close in the first or second quarter of 2022.What happens to investors shareholders when Citizens Financial merges with investors?
According to the agreement and merger plan, Investors’ shareholders would receive 0.297 of a share of Citizens Financial Group common stock and $1.46 in cash for each share of Investors that they own. After the transaction is complete, former Investors’ shareholders would collectively own about 14 percent of the merged company, the release stated.Who is Investors Bank?
Founded in 1926 by a group of men in the Short Hills and Millburn area, Investors has grown into one of the state's top 10 banks by deposits with seven acquisitions since 2008, including Gold Coast Bank of Islandia, New York, in 2020.