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Merchants Bank to acquire NUVO in stock and cash

Staff writer ▼ | October 1, 2015
At a special meeting, the shareholders of NUVO Bank & Trust Company voted to approve the Merger Agreement between NUVO and Merchants Bancshares, the parent company of Merchants Bank, and the agreement for Merchants Bank to acquire NUVO.
Merchants Bank
Merger   The shareholders NUVO Bank & Trust voted "Yes
The shareholders of NUVO approved the merger agreement by the affirmative vote of the holders of 84.5% of the outstanding shares. Of the shares voted, approximately 97.6% of the shares were voted in favor of approval of the transaction.

Consummation of the merger, which is subject to regulatory approval and the satisfaction of the other conditions of the merger agreement, is expected to occur on or about November 30, 2015.

Under the terms of the merger agreement, shareholders of NUVO will be entitled to elect to receive either 0.2416 shares of Merchants common stock, $7.15 in cash or a combination of Merchants common stock and cash for each share of NUVO common stock outstanding, subject to the allocation and proration provisions contained in the merger agreement, which will result in the total consideration being comprised of approximately 75% stock and 25% cash.

Election forms will be mailed to NUVO shareholders beginning onSeptember 30, 2015.