Danvers Bancorp, Inc. and Beverly National Corporation to Acquire Beverly National Corporation
July 6, 2009
By MoneyAisle
MarketWatch reports that Danvers Bancorp, Inc. and Beverly National Corporation have “announced the signing of an agreement and plan of merger, pursuant to which Beverly will merge with and into Danvers.”
“Under the terms of the agreement, Beverly stockholders will receive 1.66 shares of Danvers common stock in exchange for each common share of Beverly. Based on the closing price of Danvers common stock on June 16, 2009, the transaction is valued at approximately $23.04 per share or $61.95 million in the aggregate.”