Monday, November 23, 04:16 PM

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Connecticut bank People's United Financial Inc. agreed Monday to acquire New York equipment financier Financial Federal Corp. for $738 million in stock and cash to expand its equipment-financing business.

Bridgeport, Conn.-based People's said in a statement it would pay Financial Federal shareholders $11.27 in cash and one People's United common share for $27.64 per share. That represents a 35% premium to Financial Federal's closing price of $20.55 on Friday.



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