People's United Financial, Inc.

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Ademi LLP is investigating People’s United (NYSE:PBCT) for possible breaches of fiduciary duty and other violations of law in its transaction with M&T.

Ademi LLP alleges People’s United’s financial outlook is improving and yet People’s United shareholders will receive only 0.118 of a share of M&T common stock for each People's United share they own. Following completion of the transaction, former People's United shareholders will collectively own approximately 28% of the combined company. The implied total transaction value based on closing prices on February 19, 2021 is approximately $7.6 billion.  The merger agreement unreasonably limits competing bids for People’s United by prohibiting solicitation of further bids, and imposing a termination penalty if People’s United accepts a superior bid. People’s United insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of People’s United’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for People’s United.