Center Bancorp Inc. announced Tuesday that previously filed complaints against ConnectOne Bancorp, its board of directors and Center Bancorp, related to its proposed merger have been voluntarily dismissed.
The merger was announced in January 2014 in a deal estimated at $243 million, creating the fourth largest bank headquartered in New Jersey.
Anthony Weagley, Center’s CEO, said, “We are pleased that this litigation has been dismissed. We were convinced from the outset that the allegations in the complaints were without merit and unfairly questioned the diligence and motivations of all those who have contributed to our pending transaction. We remain focused, as we have been since the day that we announced our merger, on completing the steps necessary to consummate the transaction and on continuing to build our franchises.”
The transaction is expected to close in the second or third quarter.
Under terms of the agreements, ConnectOne shareholders will receive 2.6 shares of Center common stock for each share of ConnectOne stock they own.
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