Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of four members of Cambridge Bancorp’s (NASDAQCATC) (“Cambridge”) Board of Directors to the Eastern and Eastern Bank Boards of Directors (together, the “Eastern Boards of Directors" or the “Eastern Boards”) effective upon the closing of the companies’ pending Merger (the “Merger”).
Companies Reporting Before The Bell • Goldman Sachs Gr (NYSEGS) is projected to report quarterly earnings at $5.31 per share on revenue of $11.14 billion.
Companies Reporting Before The Bell • CommVault Systems (NASDAQCVLT) is estimated to report quarterly earnings at $0.73 per share on revenue of $208.06 million.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Cambridge Bancorp (NasdaqCM: CATC) to Eastern Bankshares, Inc. (NasdaqGS: EBC). Under the terms of the proposed transaction, shareholders of Cambridge will receive 4.956 shares of Eastern for each share of Cambridge that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
U.S. stocks traded mixed toward the end of trading, with the Dow Jones gaining around 200 points on Wednesday. The Dow traded up 0.59% to 34,720.69 while the NASDAQ fell 0.07% to 13,668.37. The S&P 500 also rose, gaining, 0.17% to 4,451.42.
U.S. stocks traded mixed midway through trading, with the Nasdaq Composite turning lower on Wednesday. The Dow traded up 0.56% to 34,711.50 while the NASDAQ fell 0.17% to 13,654.54. The S&P 500 also rose, gaining, 0.21% to 4,453.12.
Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Cambridge Bancorp (NASDAQCATC) to Eastern Bankshares, Inc. for 4.956 shares of Eastern common stock for each share of Cambridge common stock is fair to Cambridge shareholders.
Eastern Bankshares, Inc. (“Eastern” or the “Company”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, announced that its wholly owned subsidiary Eastern Insurance Group, LLC (“Eastern Insurance”) today entered into a definitive agreement to sell its insurance operations to Arthur J. Gallagher & Co. (NYSEAJG) (“Gallagher”) for approximately $510 million (“the insurance transaction”). Also today, Eastern and Cambridge Bancorp NASDAQ: CATCNASDAQCATC)
