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Fifth Third Bancorp releases results of merger consideration election in deal with First Charter
By Lisa Kerner
Charlotte, N.C., June 13 - Fifth Third Bancorp announced the final results of elections made by First Charter Corp. stockholders regarding the form of merger consideration they will receive in connection with the companies' merger that closed on June 6.
According to a Fifth Third news release, of the 35,191,435 shares of First Charter common stock, 10,759,125.865 shares, or 30.6%, elected to receive cash.
Of those, 10,557,429.3667, or 30%, were accepted as cash elections. Fifth Third said that 98.13% of cash elections will be paid as cash.
The release stated that 19,797,251.6049 shares, or 56.3%, elected to receive Fifth Third common shares and 198,049.0747 shares, or 0.6%, elected no preference.
The 4,437,008.46 shares that did not make a valid election will receive Fifth Third common shares.
Based on the election results and the application of the proration procedures, shareholders who made a valid cash election will receive approximately 1.87% of their consideration in Fifth Third common stock and the remainder in cash.
Under the companies' merger agreement, shareholders could elect to receive cash or 1.7412 shares of Fifth Third with the total merger consideration to be paid 30% in cash and 70% in shares, it was previously reported.
Fifth Third acquired First Charter for $31 per share, or approximately $1.1 billion. Charlotte, N.C.-based First Charter is a regional financial services company that operates 57 branches in North Carolina and two in suburban Atlanta.
Fifth Third Bancorp is a diversified financial services company based in Cincinnati.
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