Waypoint Financial Corp, Harrisburg,Pennsylvania &
Sovereign Bancorp Inc | Update Date: 02/11/09 |
| Date Announced: 03/09/04 |
| Value (million $USD): 989.6 million U.S. Dollar |
|
| Status: Completed | |
| TRANSACTION DETAILS |
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| Date Announced | 03/09/04 | | |
| Date Originally Announced | 03/09/04 | | |
| Format | Merger | Acquisition techniques | Stock Swap |
| Attitude | Friendly | Agency | State Banking Authority; Federal Banking Authority |
| Value | 989.6 million U.S. Dollar | Advisor Fees | Waypoint paid Ryan Beck a retainer fee of $50,000 and a contingency fee equal to .87% of the aggregate consideration, less fees paid, upon consummation of the merger. |
| SYNOPSIS |
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| US - Sovereign Bancorp Inc (SOV), Philadelphia, Pennsylvania, acquired Waypoint Financial Corp (WYPT) , Harrisburg, Pennsylvania, a savings and loan holding company, in a stock swap transaction valued at $989. 559 mil. SOV offered a choice of $28 in cash or 1.262 SOV common shares per share held, subject to proration, whereby 70% of the total consideration was to be paid in the common stock and 30% of the total consideration was to be paid in cash. The shares were valued based on SOV's closing stock price of $22.04 on March 8, the last full trading day prior to the announcement. |
| TARGET |
|---|
| Name | Waypoint Financial Corp, Harrisburg,Pennsylvania (WYPT) |
| Industries | Savings institutions, not federally chartered; Offices of bank holding companies |
| City | Harrisburg |
| State | PA |
| Nation | United States |
| Incorporated in | PA |
| Public Status | Public |
| Business Description | Savings and loan holding company |
| Advisors | Ryan Beck & Co |
| Target Sales | 293.4 million U.S. Dollar |
|
| ACQUIROR |
|---|
| Name | Sovereign Bancorp Inc (SOV) |
| Industries | Commercial banks, nec; Investment advice; Security and commodity services, nec; Personal credit institutions; Short-term business credit institutions; Life insurance; Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance; Mortgage bankers and loan correspondents; Offices of bank holding companies |
| City | Philadelphia |
| State | PA |
| Nation | United States |
| Incorporated in | PA |
| Public Status | Public |
| Business Description | Sovereign Bancorp Inc, located in Philadelphia, Pennsylvania, provides financial services such as retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance through Sovereign Bank. The company engages in the generation of deposits and origination of loan products through its network of community banking offices located in eastern Pennsylvania, New Jersey, New York, New Hampshire, Massachusetts, Connecticut, Rhode Island, and Maryland. The company was founded in 1987. |
| Advisors | Citigroup |
| Acquiror Sales | 2.45 billion U.S. Dollar |
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