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Share Name | Share Symbol | Market | Type |
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BB and T Corporation | NYSE:BBT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 54.24 | 0 | 01:00:00 |
WINSTON-SALEM, N.C., April 6, 2016 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced the results of elections made by shareholders of National Penn Bancshares, Inc. (NASDAQ: NPBC) as to the form of merger consideration they desired to receive, and related allocation and proration results, in connection with the merger of National Penn with and into BB&T (the merger). The merger became effective on April 1, 2016. The merger was completed pursuant to the agreement and plan of merger (the merger agreement), dated as of Aug. 17, 2015.
In accordance with the merger agreement and election materials previously mailed to holders of National Penn common stock, National Penn shareholders were permitted to make an election to receive for their shares of National Penn common stock either $13.00 in cash without interest (the cash consideration) or 0.3206 of a share of BB&T common stock, plus cash in lieu of any fractional BB&T common stock (the stock consideration). Based on the terms of the merger agreement, the aggregate consideration to be paid in the merger was subject to proration and allocation procedures to ensure that 70 percent of the shares of National Penn common stock outstanding immediately prior to the completion of the merger were exchanged for the stock consideration and that the remaining 30 percent of the shares of National Penn common stock outstanding immediately prior to the completion of the merger were to be exchanged for the cash consideration, including, in each case, shares of National Penn common stock subject to National Penn restricted stock awards, National Penn restricted stock unit awards and National Penn settled deferred stock unit awards.
The election deadline was 5 p.m., ET, March 30, 2016. Based on the 141,495,680 shares of National Penn common stock (including shares of National Penn common stock subject to National Penn restricted stock awards, National Penn restricted stock unit awards and National Penn settled deferred stock unit awards) outstanding immediately prior to the merger, the revised final election results are as follows:
Applying the allocation and proration procedures specified in the merger agreement to these election results:
Cash in lieu of a fractional share of BB&T common stock will be paid based on a price of $33.47 per share of BB&T common stock.
National Penn shareholders who did not make a valid election will receive a letter of transmittal to surrender their National Penn stock certificates, if applicable, in exchange for the merger consideration each shareholder is entitled to receive. National Penn shareholders with questions regarding their individual election results should contact the information agent for the transaction, Georgeson Inc., at 877-278-4775 (toll-free).
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $209.9 billion in assets and market capitalization of $29.5 billion, as of Dec. 31, 2015. Based in Winston-Salem, N.C., the company operates 2,265 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com/about.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bbt-announces-election-and-allocation-results-relating-to-the-acquisition-of-national-penn-bancshares-300246994.html
SOURCE BB&T Corporation
Copyright 2016 PR Newswire
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