Of the approximately 49.98 million shares of Chittenden common stock outstanding as of December 24, 2007: the holders of approximately 24.26 million shares, or 48.5%, have elected to receive People’s United common stock. The holders of approximately 20.54 million shares, or 41.1%, have elected to receive cash; and The holders of approximately 5.20 million, or 10.4%, have submitted elections expressing no preference as to the form of merger consideration or did not make a valid election.
After the final results of the election process are determined, the actual merger consideration, and the allocation of the merger consideration, will be computed using the formula in the merger agreement and will be based on, among other things, the actual number of shares of Chittenden common stock outstanding immediately prior to the closing date, the final results of the election process and the value of People’s United common stock for the five trading days immediately prior to the date the merger becomes effective. The aggregate amount of cash that will be paid in the merger is fixed at $1.013 billion.
