Sterling sets deadline for merger consideration elections

By Laura Lutz

Des Moines, March 13 - Sterling Financial Corp. announced that the deadline is 5 p.m. ET on March 25 for its shareholders to make merger consideration elections in connection with its proposed merger with PNC Financial Services Group, Inc.

If the merger is settled, Sterling shareholders would receive the equivalent of 0.1543 of a share of PNC common stock and $7.60 in cash per share of Sterling common stock.

Shareholders may elect to receive consideration in shares of PNC common stock or in cash, subject to proration.

In order to make an election, shareholders must deliver election forms and stock certificates, or a completed notice of guaranteed delivery, to Computershare, Inc. by the deadline.

Sterling may choose how to pay shareholders who do not make an election.

As previously reported, PNC agreed to acquire Sterling in a stock and cash transaction valued at $565 million, or about $19.00 per share.

Shareholders will vote on the company's merger at a special meeting on March 26 at 10:30 a.m. ET.

The distribution of proxy materials will begin later in the week, according to a Sterling news release.

Both companies' boards of directors have approved the deal.

Georgeson Inc. (800 319-6872) is the information agent for the merger consideration election process.

Sterling is a diversified financial services company based in Lancaster, Pa.

PNC, a retail and business banking company, is based in Pittsburgh.

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