Cambridge Bancorp (CATC) has released an update.
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Eastern Bankshares, Inc. and Cambridge Bancorp have entered into a merger agreement, with Cambridge set to merge with Eastern’s subsidiary and subsequently the combined entity with Eastern itself. Despite receiving demand letters alleging omissions in their merger disclosures, both companies refute the allegations as baseless but have provided supplemental disclosures to avoid any potential delays in their shareholder meetings and merger proceedings. The merger’s completion, initially anticipated for early April 2024, now faces uncertainty in timing due to pending regulatory approvals and other variables outside of the companies’ control.
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