Shares of Chittenden recently were up $6.85, or 24%, to $35.09 on the deal. People's shareholders were less enthusiastic, sending shares down $1.13, or 6%, to $17.58.
Anton Schutz, president of Mendon Capital Advisors and the fund manager to Burnham Financial Services, said People's investors are worried about the integration and management's capability of running a larger company. "The company in some ways was relatively obscured to the Street until they went fully public," he says. "As rumors started that People's is going to do a deal ... a lot of people were shorting [the stock] thinking they were going to do a dumb deal that was really big and far too expensive. "Chittenden culturally and managementwise is much closer" to People's, adds Schutz, who owns positions in People's. "We're not talking about a great leap to bring these companies together. This is a really good fit."- Loading Comments...
- Loading Comments...
Featured Photo Galleries
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,226.94 | 1,093.07 | 2,154.06 | 34.86 |
Oil *
77.65
|
|
UP
203.52
|
UP
23.77
|
UP
41.62
|
DOWN
0.17
|
10 Yr
3.49%
SPDR Gold
108.19
|
|
+2.03%
|
+2.22%
|
+1.97%
|
-0.49%
|
Data delayed 20 minutes |














