N.J.-Based Bank Sweetens Brooklyn Federal Offer

Summary

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Short Hills, N.J.-based Investors Bancorp has obtained key approvals to acquire more-than-a-century-old Brooklyn Federal Bancorp, a five-branch institution including three on Long Island, and sweetened its offer to public shareholders.

Investors, the third largest bank based in New Jersey, drew closer to closing the deal when it improved its offer by seven cents a share to 87 cents to shareholders of public record, to settle a lawsuit filed on their behalf.

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Extract

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N.J.-Based Bank Sweetens Brooklyn Federal Offer

That settlement, pending court approval, would sweep away litigation seeking to block the acquisition, allowing Investors in one fell swoop to expand its New York presence.

In addition to advancing ...

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