Investors Bancorp Amends Merger Deal

Short Hills-based Investors Bancorp, Inc. and American Bancorp of New Jersey, Inc., have amended the merger agreement for Investors Bancorp to acquire American Bancorp of New Jersey, according to a press release.

Under the revised terms of the merger agreement, which has been approved by the boards of directors of both companies, 65 percent of American Bancorp shares will be converted into Investors Bancorp common stock and the remaining 35 percent will be converted into cash, according to the release. Previously the agreement was for a 70 percent stock and 30 percent cash consideration mix, according to the release. The exchange ratio of 0.9218 share of Investors Bancorp common stock for each share of American Bancorp common stock remains unchanged, according to the release.

Based on Investors Bancorp's closing stock price of $7.90 on March 12, each share of American Bancorp common stock would be valued at approximately $9.11, with the aggregate merger consideration totaling $99 million, according to the release.

Read the full press release