Edition:
India

Kearny Financial announces merger with Clifton Bancorp for ‍$408 million​


Thursday, 2 Nov 2017 

Nov 1 (Reuters) - Kearny Financial Corp -:Kearny financial corp. Announces merger with Clifton Bancorp Inc..Deal for ‍$408 million​.Deal for ‍approximately $18.25 per Clifton Bancorp​ share.‍Agreement has been unanimously approved by boards of directors of both companies​.Deal is expected to be accretive to Kearny's fiscal 2019 earnings per share by approximately 40 pct​.‍Upon closing of deal, co's shareholders will own about 76% of combined co & Clifton shareholders will own about 24% of combined co.Tangible book value dilution related to deal is expected to be about 2.3%, with an earn-back period of about 2.4 years​.