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BB&T modifies agreement to acquire BankAtlantic
(Reuters) - BB&T Corp (BBT.N) said it has amended its agreement to acquire Florida-based BankAtlantic Bancorp Inc's (BBX.N) bank subsidiary to address litigation challenges, keeping the core provisions unchanged.
Under the modified agreement, BB&T will assume BankAtlantic's obligations related to $285 million worth of trust preferred securities. BankAtlantic Bancorp will pay all accrued interest on the securities, BB&T added.
In exchange for assuming the liabilities, BB&T will receive a 95 percent interest in a newly formed limited liability company (LLC) which will comprise of a $423 million pool of loans and $17 million of other net assets.
"We believe this amendment to our original agreement fully addresses litigation obstacles and allows the transaction to move forward," BB&T Chief Executive Kelly King said.
BB&T said it estimates the recoverable principal value from the LLC to be about $350 million and expects the acquisition to close in the second quarter.
BB&T agreed to buy BankAtlantic in November with $3.3 billion in deposits and will pay an estimated premium of $301 million above the net asset value of BankAtlantic at the closing.
BB&T said the premium will not exceed $316 million in any event.
Shares of BB&T closed at $29.31 on Monday on the New York Stock Exchange while those of BankAtlantic closed at $1.93.
(Reporting by Tanya Agrawal in Bangalore; Editing by Sreejiraj Eluvangal)
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