: Cadence, BancorpSouth to merge in a deal valuing Cadence at more than .8 billion #FinanceUSA #StockMarketNEWS Shares of Cadence Bancorp rose 2.4% in premarket trading Monday after the Texas-based

@stockMarketNEWS Tue 13 Apr, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Cadence, BancorpSouth to merge in a deal valuing Cadence at more than .8 billion #FinanceUSA #StockMarketNEWS
Shares of Cadence Bancorp rose 2.4% in premarket trading Monday after the Texas-based regional bank announced a deal to merge with Mississippi-based BancorpSouth Bank in a deal that values the combined company at more than billion. BancorpSouth shares were still inactive ahead of the open. Under terms of the deal, Cadence shareholders will receive 0.70 BancorpSouth shares for each Cadence share they own. Based on Friday's stock closing prices, that values Cadence shares at .58 each, a 5.1% premium, and implies a market capitalization for Cadence of .81 billion. Cadence shareholders will also receive a one-time special dividend of .25 a share. After the deal's closing, which is expected to occur in the fourth quarter of 2021, BancorpSouth shareholders will own 55% of the combined bank and Cadence shareholders will own 45%. The deal is expected to to provide 17% accretion to both BancorpSouth's and Cadence's 2022 earnings. Cadence's stock has climbed 30.8% year to date through Friday and BancorpSouth's stock has rallied 17.6%, while the S&P 500 has tacked on 9.9%.

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