U.S. regional bank Cadence offers more shares to buy State Bank
12/24/2018
(Reuters) – Cadence Bancorp (CADE.N) said on Monday it would offer more shares to buy State Bank Financial Corp (STBZ.O) in an $849 million deal, well below the $1.4 billion it offered in May.
Cadence’s share price has fallen nearly 43 percent since May 13, when it announced the offer.
State Bank shareholders will receive 1.271 shares of Cadence class A common stock for every share held, up from 1.160 in the previous offer.
Cadence’s shares closed at $17.20 on Friday. The deal is expected to be completed on Jan. 1.
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Home » Analysis & Comment » U.S. regional bank Cadence offers more shares to buy State Bank
U.S. regional bank Cadence offers more shares to buy State Bank
(Reuters) – Cadence Bancorp (CADE.N) said on Monday it would offer more shares to buy State Bank Financial Corp (STBZ.O) in an $849 million deal, well below the $1.4 billion it offered in May.
Cadence’s share price has fallen nearly 43 percent since May 13, when it announced the offer.
State Bank shareholders will receive 1.271 shares of Cadence class A common stock for every share held, up from 1.160 in the previous offer.
Cadence’s shares closed at $17.20 on Friday. The deal is expected to be completed on Jan. 1.
Source: Read Full Article