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Flagstar Bank in Troy Merges with New York Community Bancorp in $2.6B Deal
Flagstar Bancorp Inc. in Troy and New York Community Bancorp Inc. jointly announced today they have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger.
Flagstar Bancorp Inc. in Troy has entered into a definitive merger agreement under which it will merge with New York Community Bancorp Inc. Pictured is New York Community Bancorp Inc.’s online banking app. // Photo courtesy of New York Community Bancorp Inc.
Flagstar Bancorp Inc. in Troy and New York Community Bancorp Inc. jointly announced today they have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger.
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NEW YORK, April 26, 2021 /PRNewswire/ WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Flagstar Bancorp, Inc. ( Flagstar or the Company ) (NYSE: FBC) in connection with the proposed acquisition of the Company by New York Community Bancorp, Inc ( New York Community ) (NYSE: NYCB). Under the terms of the merger agreement, Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share that they own, representing implied per share merger consideration of $48.14 based upon New York Community s April 23, 2021 closing price of $11.99. Upon completion of the transaction, New York Community shareholders will own approximately 68% and Flagstar shareholders will own approximately 32% of the combined entity. The implied total transaction value is approximately $2.6 billion.
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NEW YORK, April 26, 2021 (GLOBE NEWSWIRE) Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Flagstar Bancorp, Inc. (NYSE:FBC) breached their fiduciary duties or violated the federal securities laws in connection with the company s acquisition by New York Community Bancorp (NYSE:NYCB).
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On April 26, 2021, Flagstar announced that it had signed an agreement to be acquired by New York Community for approximately $2.6 billion. Pursuant to the merger agreement, Flagstar stockholders will receive 4.0151 shares of New York Community common stock for each share of Flagstar common stock owned. The deal is scheduled to close by the end of 2021.
Proofpoint, Brooks Automation rise; Albertsons, Dorman fall
by The Associated Press
Last Updated Apr 26, 2021 at 4:28 pm EDT
NEW YORK Stocks that traded heavily or had substantial price changes Monday:
Proofpoint Inc., up $40.92 to $172.70.
The data security company is being bought by Thoma Bravo for $12.3 billion.
Flagstar Bancorp Inc., up $2.93 to $48.30.
New York Community Bancorp is buying the regional bank for about $2.6 billion in a cash-and-stock deal.
W.R. Grace & Co., up $4.14 to $68.38.
Standard Industries Holdings is buying the chemicals company in a deal worth about $7 billion.
Brooks Automation Inc., up $3.98 to $106.72.
The maker of equipment for chipmakers and biotechnology companies is being bought by Precise Automation for $70 million.
Market movers: Stocks seeing action on Monday - and why theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.