NEW BEDFORD – Seacoast Financial Services Corp. announced recently that it has received the final regulatory approval to complete the company’s acquisition of Bay State Bancorp, Inc. in Brookline.
Seacoast said it expected the acquisition to be finalized after the close of business on May 31. Under the terms of the acquisition, each outstanding share of Bay State common stock will be converted into the right to receive $27 in cash or 1.257 shares of Seacoast common stock, “subject to election and allocation procedures intended to ensure that, in the aggregate, 55 percent of the outstanding shares of Bay State common stock are exchanged for Seacoast common stock and 45 percent are exchanged for cash,” according to Seacoast.
Bay State shareholders were given the opportunity to choose to receive shares of Seacoast common stock, cash or a combination of stock and cash in exchange for their shares of Bay State in an election process that ended on May 22. Shortly after completion of the acquisition, Seacoast said it will announce the results of the election and the pro-ration rate.
Genzyme faces lawsuit from former shareholders
CAMBRIDGE – Genzyme Corp. said it’s being sued by shareholders of its surgical products division because of a plan to eliminate the business as a separately traded company.
Genzyme, which has another division, Genzyme Biosurgery in Fall River, is combining its surgical and cancer business tracking stocks under the parent company’s own ticker. Genzyme Biosurgery makes products that repair damaged tissue and Genzyme Molecular Oncology develops cancer drugs.
Genzyme is ending the three-company structure after saying it failed to attract enough investors. Some Genzyme Biosurgery shareholders have said the offering price for their stake is too low.
The company is offering .04914 a share of its own stock for each share of the surgery unit. Genzyme is offering .05653 a share for each share of the cancer business. The stock swap will take place on June 30. The lawsuit, filed in Massachusetts Superior Court, is “without merit,” Genzyme said in a statement. David Pastor, attorney for the biosurgery shareholders didn’t immediately return a phone call seeking comment. (Bloomberg News)
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