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Sterling Financial Corp To Merge With Umpqua Holdings Corp


Wednesday, 11 Sep 2013 07:17pm EDT 

Umpqua Holdings Corp and Sterling Financial Corp announced that they have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will have a total value of approximately $2.0 billion. Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. Funds affiliated with Thomas H. Lee Partners, L.P. ("THL") and Warburg Pincus ("WP"), the two largest shareholders of Sterling, each owning approximately 20.8% of Sterling`s outstanding common stock, have agreed to vote in favor of and fully support the transaction, and THL and WP have the right to designate a representative of each firm to serve on the board of directors of the combined company following closing. Under the terms of the agreement, Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 cash for each share of Sterling common stock. The total value of the Sterling merger consideration, based on the closing price of Umpqua shares on September 11, 2013 of $16.96, is $30.52. Completion is expected during the first half of 2014. 

Company Quote

17.89
-0.51 -2.77%
29 Jun 2015