4//SEC Filing
FIRST ESSEX BANCORP INC 4
Accession 0001179110-04-002738
CIK 0000808246operating
Filed
Feb 8, 7:00 PM ET
Accepted
Feb 9, 12:17 PM ET
Size
7.2 KB
Accession
0001179110-04-002738
Insider Transaction Report
Form 4
GOLON WAYNE C
Executive Vice President
Transactions
- Disposition to Issuer
Common stock
2004-02-06−2,565→ 0 total(indirect: By 401(k)) - Disposition to Issuer
Common stock
2004-02-06−20,000→ 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.
Documents
Issuer
FIRST ESSEX BANCORP INC
CIK 0000808246
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000808246
Filing Metadata
- Form type
- 4
- Filed
- Feb 8, 7:00 PM ET
- Accepted
- Feb 9, 12:17 PM ET
- Size
- 7.2 KB