Allocation of Stock/Cash for NewAlliance Acquisition of Westbank Announced.NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn. -- NewAlliance Bancshares, Inc. (NYSE NYSE See: New York Stock Exchange :NAL NAL National Agricultural Library (Agricultural Research Service; US Department of Agriculture) NAL New American Library NAL National Accelerator Laboratory NAL National Aerospace Laboratory (Japan) ), the parent company of NewAlliance Bank NewAlliance Bank is the second largest Connecticut-based savings bank. It was formed in 2004 through the union of The Savings Bank of Manchester, New Haven Savings Bank, and Tolland Bank. , announced today the proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. that former shareholders of Westbank Corporation who made timely elections for stock or cash will receive as consideration for their shares of Westbank Corporation common stock in connection with the merger of Westbank Corporation into NewAlliance. The transaction was completed on January 2, 2007. Under the terms of the transaction, a combination of 50% stock and 50% cash was allocated as the aggregate compensation for all of the Westbank shares. Because Westbank shareholders as a group elected to receive NewAlliance common stock for significantly more than 50% of the Westbank shares outstanding, those who elected NewAlliance stock as their consideration will receive such stock for only 69.35% of their individual requests for NewAlliance stock and cash for the balance of their requests. Westbank shareholders who did not file a timely election will be receiving all cash in line with the proration procedures in the merger agreement between the two companies. Holders of Westbank shares exchanged for stock will receive 1.5646 shares of NewAlliance common stock for each share of Westbank stock. Shares exchanged for cash will be paid at a rate of $23 per share. NewAlliance Bancshares is a New Haven, Connecticut headquartered regional banking and financial services company and the parent company of NewAlliance Bank, the sixth largest bank headquartered in New England. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, the Company has $8 billion in assets. |
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