Merger Arbitrage Mondays – January 27, 2014
Merger Activity decreased last week with a trio of regional bank mergers, and one deal closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
New Deals:
- The acquisition of ConnectOne Bancorp (CNOB) by Center Bancorp (CNBC) for $243 million in an all stock deal. Under the terms of the agrement, shareholders of ConnectOne Bancorp will receive 2.6 shares of Center common stock for each share of ConnectOne common stock.
- The acquisition of North Valley Bancorp (NOVB) by TriCo Bancshares (TCBK) for $178.4 million in an all stock deal. Under the terms of the agreement, shareholders of North Valley Bancorp will receive a fixed exchange ratio of 0.9433 shares of TriCo common stock in exchange for each share of North Valley common stock.
- The acquisition of Jefferson Bancshares (JFBI) by HomeTrust Bancshares (HTBI) for $51.2 million. Under the terms of the agreement, Jefferson shareholders will receive a total of $8.00 per share in merger consideration consisting of $4.00 in cash plus $4.00 in HomeTrust common stock. This represents approximately $51.2 million of aggregate transaction consideration. The number of HomeTrust shares to be issued will be determined based on HomeTrust’s average closing stock price during the 10 trading days ending on the fifth trading day prior to the closing date, with the exchange ratio fixed at 0.2667 if the average closing price is equal to or less than $15.00 per share and at 0.2222 if the average closing price is equal to or greater than $18.00 per share. We are treating this as an all cash deal.
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