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Huntington Bancshares Inc To Acquire Camco Financial Corp For $6.00 Per Share


Thursday, 10 Oct 2013 08:00am EDT 

Huntington Bancshares Inc and Camco Financial Corp jointly announced the signing of a definitive agreement under which Huntington will acquire Camco Financial, the parent company of Cambridge Ohio-based Advantage Bank, in a cash and stock transaction. As of June 30, 2013, Camco operated 22 banking offices throughout eastern and southern Ohio with $0.8 billion in total assets and $0.6 billion in total deposits. Under the terms of the agreement, which was unanimously approved by the boards of both companies, shareholders of Camco Financial may elect to receive 0.7264 shares of Huntington common stock, or $6.00 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of total consideration of 80% common stock and 20% cash. Based upon the October 9, 2013, closing price of $8.12 per share of Huntington common stock, the transaction is valued at approximately $97 million, including outstanding options and warrants. The transaction is expected to be completed in the first half of 2014. 

Company Quote

9.33
-0.12 -1.27%
24 Apr 2014