People's United Financial Inc (PBCT.O) said it agreed to buy Danvers Bancorp Inc (DNBK.O) in a cash-and-stock deal valued at about $493 million. Danvers Bancorp shareholders may elect to get either $23 in cash or 1.624 shares of People's United stock for each Danvers share they hold, as per the agreement. In after-market trading, People's United shares fell about 4 percent, while Danvers Bancorp stock surged 28 percent.
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