Hudson City Bancorp (HCBK) shareholders should be reminded right now of that old saying about 'not counting your chickens before they hatch'. Nearly a year and a half ago, HCBK announced they were being acquired by M&T Bank (MTB). At the time there was a lot of talk about M&T getting a good deal on HCBK since they paid only 0.85X book value for the firm. That was back in August of 2012.
Fast-forward sixteen months and the deal still hasn't closed. Both HCBK and MTB have indicated that they are interested in proceeding with the acquisition, but regulatory scrutiny and concerns over MTB's internal systems have kept the deal from closing. Now, only two weeks...
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