WBS - Webster Financial Sterling Bancorp to merge in all-stock transaction

Webster Financial (WBS) and Sterling Bancorp (STL) agree to combine in an all-stock merger that will create a company with a total market value of ~$10.3B.Under the agreement, Sterling shareholders will get a fixed exchange ratio of 0.463 WBS share for each share of STL stock they own.That values STL at $26.56 per share based on WBS's closing price on April 16, an ~11% premium to STL's closing price of $22.83 on that same day.STL stock rises 4.9% to $24.99 in premarket trading.The combined company will keep the Webster name and will establish a new corporate headquarters in Stamford, CT.Following the closing of the transaction, Webster shareholders will own ~50.4% of the combined company and Sterling shareholders will own ~49.6% on a fully adjusted basis.The deal is expected to result in strong GAAP EPS accretion to both companies' shareholders — more than 20% to WBS and more than 10% to STL, after

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Webster Financial, Sterling Bancorp to merge in all-stock transaction