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Three proxy advisory firms say shareholders standto gain from the Riverhead, N.Y.-based company's acquisition by Bridgeport, Conn.-basedPeople's United Financial Inc.
Institutional Shareholder Services, Glass Lewis & Co. andEgan-Jones Proxy Services recommended that shareholders vote in favor of deal at the Oct. 13 meeting. The company disclosedtheir support after reaching a memorandumof understanding with investors who sued over the board's alleged breachof fiduciary duty.