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Hudson United Gets Final Payout from Dime
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Business New Haven
1/21/2002
By: BNH
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MAHWAH, N.J. - Hudson United Bancorp (NYSE: HU) announced January 7 that it had received $77 million from its one-time merger partner Dime Bancorp Inc. (NYSE: DME), marking the final installment of an agreed-upon break-up fee. Hudson United said it will record the payout as revenue in its first-quarter results but added that it also plans to book $15 million in costs associated with the collapse of the planned merger.
Hudson United and Dime abandoned their merger deal in April 2000 in a victory for savings and loan Washington Mutual Inc. (NYSE: WM), which ultimately came away with Hudson United. The total break-up fee payable to Hudson United was $92 million. It received $15 million from Dime last June as the first installment.
Hudson United shares finished up 13 cents at $29.91 on the NYSE on the day of the announcement. The stock has a 52-week high of $29.83 and a 52-week low of $19.50.
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