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IBERIABANK Corp announces agreement to acquire First Private Holdings, Inc.


Tuesday, 11 Feb 2014 08:30am EST 

IBERIABANK Corp and First Private Holdings, Inc:Says the signing of a definitive agreement for IBKC to acquire First Private via merger.The proposed merger of First Private with and into IBKC has been approved by the Board of each company and is expected to close Q2 2014.Under the terms of the merger agreement, shareholders of First Private will receive 0.27 shares of IBKC common stock for each share of First Private common stock outstanding, subject to certain market price adjustments provided for in the merger agreement.If the transaction closes at June 30, First Private would have an aggregate of about 3,747,000 shares, assuming the full exercise of then vested options and warrants outstanding.Based on IBKC's closing stock price on Feb 10 of $63.62, the transaction would have an aggregate estimated pro forma value of about $64 mln, or $17.18 per First Private common share. 

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55.14
-0.22 -0.40%
10:50am EST