Shareholders of Mount Laurel, N.J.-based Sun Bancorp Inc. have elected the form of consideration they want to receive in connection with the company's merger into Toms River, N.J.-based OceanFirst Financial Corp., which closed Jan. 31.
Under the deal, every Sun shareholder could have opted for either $24.99 in cash or 0.9289 OceanFirst common share for each Sun common share held.
A total of 9,778,170 Sun common shares elected to receive the stock consideration, 8,435,982 Sun common shares chose the cash consideration and 930,470 Sun common shares did not elect to receive any form of consideration.
Based on the results, the cash consideration was oversubscribed. The total amount of available cash consideration was $72,366,671.16, while the total number of Sun common shares entitled to receive the cash consideration was 2,895,825.
Because of this, 34% of each Sun shareholder's common share that elected the cash consideration was converted into the right to receive the cash consideration, while the remaining 66% was converted into the right to receive the stock consideration.
The shares that did not elect any form of merger consideration will also have the right to receive the stock consideration.
