BNP Paribas and BancWest Corporation (NYSE: BWE) announced today that the Federal Reserve Board has approved the acquisition by BNP Paribas of the 55% of BancWest stock it does not already own for $35 in cash per share.
This transaction was approved by BancWest stockholders at a special meeting September 20, 2001. The parties expect the $2.5-billion transaction to close on December 20th, 2001.
When the transaction is completed, all outstanding BancWest shares (except those owned by BNP Paribas) will be converted into the right to receive a $35-per-share cash payment. BancWest will also pay a prorated dividend with a record date immediately prior to closing.
Following the close of the transaction, BancWest stockholders who have stock certificates will receive instructions by mail concerning how and where to forward their certificates for payment. BancWest stockholders should exchange their stock certificates for the merger consideration promptly following receipt of these materials. Brokers will handle conversion for those holding BancWest stock in a brokerage account.
The merger does not affect preferred securities or capital securities issued by BancWest Capital I or First Hawaiian Capital I.
This transaction was approved by BancWest stockholders at a special meeting September 20, 2001. The parties expect the $2.5-billion transaction to close on December 20th, 2001.
When the transaction is completed, all outstanding BancWest shares (except those owned by BNP Paribas) will be converted into the right to receive a $35-per-share cash payment. BancWest will also pay a prorated dividend with a record date immediately prior to closing.
Following the close of the transaction, BancWest stockholders who have stock certificates will receive instructions by mail concerning how and where to forward their certificates for payment. BancWest stockholders should exchange their stock certificates for the merger consideration promptly following receipt of these materials. Brokers will handle conversion for those holding BancWest stock in a brokerage account.
The merger does not affect preferred securities or capital securities issued by BancWest Capital I or First Hawaiian Capital I.