Cohoes Bancorp, Inc. and Hudson River Bancorp, Inc. Terminate Merger Agreement and Amend Option Agreements.Business Editors COHOES Cohoes (kəhōz`), city (1990 pop. 16,825), Albany co., E N.Y., near Albany, at the confluence of the Mohawk and Hudson rivers; settled by the Dutch 1665, inc. 1869. , N.Y. & HUDSON, N.Y.--(BUSINESS WIRE)--Sept. 28, 2000 Cohoes Bancorp, Inc. (Nasdaq NMS See NetWare Management System. : COHB) and Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. Bancorp, Inc. (Nasdaq NMS: HRBT HRBT Hampton Roads Bridge-Tunnel ) announced today the mutual termination of the merger of equals agreement entered into on April 25, 2000, pursuant to which Cohoes was to merge with Hudson River. The agreement was terminated as a result of the merger not being approved by the requisite vote of the shareholders of Cohoes at the special meeting held on August 17, 2000. Cohoes and Hudson River also amended their reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. stock option agreements to cap the economic value of their stock options in each other at $3.5 million. "We are extremely disappointed that this transaction could not be completed. Cohoes is a great company with top quality people, and would have been a fine complement to our existing institution," stated Carl A. Florio, President and Chief Executive Officer of Hudson River. Cohoes President Harry L. Robinson said, "Although we are disappointed that our merger with Hudson River couldn't work out, we have nothing but respect for their people and their organization. As for Cohoes, improving our return and enhancing stockholder value will continue to be our number one priority." |
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