litigation
confidence high
sentiment neutral
materiality 0.60
NBT and Salisbury face two shareholder lawsuits over merger; voluntarily supplement proxy
NBT BANCORP INC
- Two class actions filed in Connecticut allege Salisbury directors breached fiduciary duties in approving merger.
- Six demand letters also received; the companies deny all allegations and will defend vigorously.
- Supplemental disclosures include Janney's fairness opinion fee of $200k and completion fee of 1.15% of $204M deal value.
- Additional proxy updates include offer letters to two Salisbury executives and revised financial projections.
- Salisbury shareholder vote on merger scheduled for special meeting April 12, 2023.