FIRST ESSEX BANCORP INC 4
4 · FIRST ESSEX BANCORP INC · Filed Feb 9, 2004
Insider Transaction Report
Form 4
WILSON LEONARD A
DirectorChairman & C.E.O.
Transactions
- Disposition to Issuer
Common stock
2004-02-06−16,291→ 0 total(indirect: By 401(k)) - Disposition to Issuer
Common stock
2004-02-06−259,747→ 0 total
Footnotes (1)
- [F1]Disposed of pursuant to a merger agreement between the issuer and Sovereign Bancorp, which provides for the conversion of each outstanding share of issuer common stock into the right to receive either $48 in cash or 2.925 shares of Sovereign common stock. The market value of the Sovereign stock into which each share of issuer stock has been converted is $22.78, based upon the closing price of Sovereign stock on the effective date of the merger. Under the merger agreement, holders of issuer stock may elect to receive all cash, all stock or a combination of stock and cash, subject to allocation and proration procedures in the agreement designed to ensure that 50% of the outstanding shares of issuer stock are converted into the right to receive Sovereign stock and 50% are converted into the right to receive cash. As of the date of this Form 4, the allocation procedure had not yet been completed; thus the exact value of the Reporting Person's cash and stock consideration is not known.