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By Kelly L. Anderson
PBN Staff Writer
BROOKLINE, Mass. – Brookline Bancorp Inc. has extended the deadline for shareholders of Bancorp Rhode Island Inc., to choose the compensation that they wish to receive in Brookline’s pending merger with Bancorp Rhode Island.
The deadline was extended to 5 p.m. Oct. 7, 2011, unless further extended. The extension of the deadline will allow additional time for Bancorp Rhode Island shareholders to make an election regarding the form of consideration to be received by them in the merger and reduces the potential time between the election deadline and the effective date of the merger. The merger is expected to be completed in the fourth quarter of 2011, pending receipt of approvals from various federal and state regulatory agencies.
Under the terms of the merger agreement, each Bancorp Rhode Island shareholder will receive in the merger, for each Bancorp Rhode Island share and at the holder's election, either 4.686 shares of Brookline common stock or $48.25 in cash. All elections are subject to allocation and proration provisions set forth in the merger agreement. Any Bancorp Rhode Island shareholder who has previously submitted an Election Form and Letter of Transmittal will have the opportunity to change his or her election by submitting a new Election Form and Letter of Transmittal prior to the new deadline. If a shareholder does not wish to change a previously submitted election, no action needs to be taken.