Eastern Bankshares (EBC) has released an update.
Eastern Bankshares, Inc. and Cambridge Bancorp have agreed to a transformative merger that, upon shareholder and regulatory approval, will create Boston’s leading bank. Despite receiving several demand letters from purported shareholders alleging omission of material information in the merger disclosures, the companies supplemented their proxy statements to avoid legal delays and maintain the merger timeline. They deny any legal necessity for these disclosures and affirm that the merger terms remain unchanged. The merger process is ongoing, with a focus on integration planning while awaiting necessary approvals.
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