Columbia Financial Finalizes $1.67B Offering and $580M Northfield Merger, Closing July 20
CLBK sits 68% above its 52-week low of $13.66 on elevated volume (2.2× avg).
Summary
Columbia Financial completed its second-step conversion offering, selling 167.2 million shares at $10.00 for $1.67 billion in proceeds. The firm commitment underwritten offering placed 52.3 million shares, supplementing the 114.9 million shares from the subscription offering. Existing minority shareholders will exchange each share for 2.2 shares of the new company. The concurrent acquisition of Northfield Bancorp will close simultaneously on July 20, with $580 million in total consideration—70% stock and 30% cash. Northfield stockholders receive $14.25 cash or 1.425 shares per share, based on elections. The new shares begin trading July 21 on Nasdaq under CLBK, and the offering was priced at a significant discount to the current $22.95 market price, reflecting the dilutive nature of the conversion.
At the time of this announcement, CLBK was trading at $22.95 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $13.66 to $23.05. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.