Chittenden shareholders elect merger consideration in deal with People's United

By Lisa Kerner

Charlotte, N.C., Dec. 26 - Chittenden Corp. stockholders had until 5 p.m. ET on Dec. 24 to elect their consideration in the company's proposed merger with People's United Financial, Inc.

Of the some 49.97 million shares of Chittenden common stock outstanding, holders of:

• 24.25 million shares, or 48.5% of Chittenden stock, elected to receive People's United common stock;

• 20.54 million shares, or 41.1%, elected to receive cash; and

• 5.20 million shares, or 10.4%, expressed no preference or failed to make a valid election.

Holders of 1.21 million of the shares electing to receive stock and holders of about 2.16 million of the shares electing to receive cash made their selection via the notice of guaranteed delivery procedure, according to a company news release.

It was previously reported that under the merger agreement, Chittenden shareholders can elect to receive cash or People's United common stock for a total value of about $37 per share.

On June 27, People's United agreed to acquire Chittenden, a Burlington, Vt., bank holding company, in a stock and cash deal valued at $1.9 billion.

People's United, located in Bridgeport, Conn., is the holding company of People's United Bank.

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