Buy: PBKS @ $9.30 or less
Sell: 0.171625 MTB shares per PBKS share @ $56.82 or more
M&T Banks is one of the solid banks in America. One of its investors is Warren Buffet. M&T has a strong presence in the northeast region of America. Their headquarters is in Buffalo, with operations from there down to Baltimore.
PBKS is a Baltimore-area bank. MTB has already outline plans to integrate PBKS which include laying off employees, providing a severance package, and giving preference to laid off employees to apply for job openings at MTB.
This transaction is actually much less complex than the FMCN transaction, since PBKS is a relatively small acquisition. Shareholders have already aproved the deal and all that remains is regulatory approval which should be a cinch.
Your net gain on this position will be at about 4%, not a great trade, but its worth exploring. Both shares are volatile and it may be possible to get a better yield of 6% in less 2 months.