CAMBRIDGE BANCORP: M&A transaction — Eastern Bankshares completes acquisition of Cambridge Bancorp; exchange ratio 4.956

CAMBRIDGE BANCORP

Effective July 12, 2024, each share of Cambridge common stock converted into 4.956 shares of Eastern common stock.
Cambridge directors and officers ceased at the effective time; Cambridge stock to be delisted from Nasdaq and deregistered.
Amendment No. 1 to merger agreement revised measurement date for 2022-2023 PRSUs to March 31, 2024.

item 2.01 item 3.01 item 3.03 item 5.01 item 5.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CAMBRIDGE BANCORP underwent a change of control involving Eastern Bankshares, Inc. for 4.956 shares of common stock of Eastern Bankshares, Inc. per share of Cambridge Bancorp common stock (closed 2024-07-12).

Action: change of control
Counterparty: Eastern Bankshares, Inc.
Consideration: 4.956 shares of common stock of Eastern Bankshares, Inc. per share of Cambridge Bancorp common stock
Closing: 2024-07-12

Exact text from the filing

On July 12, 2024, Eastern Bankshares, Inc. (“Eastern”) completed its previously announced acquisition of Cambridge Bancorp, a Massachusetts corporation (“Cambridge”), pursuant to the Agreement and Plan of Merger, dated as of September 19, 2023 (the “Merger Agreement”), by and among Cambridge, Cambridge Trust Company, Eastern, Eastern Bank and Citadel MS 2023, Inc.

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Source: SEC EDGAR

accession 0001193125-24-179013

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