Renasant Corporation To Acquire The First Bancshares, Inc. In All-Stock Transaction Valued At ~$1.2B; Shareholders Of The First Will Receive 1 Renasant Common share For Each Share Of The First Common Stock

Author: Benzinga Newsdesk | July 29, 2024 04:31pm

According to the terms of the merger agreement, shareholders of The First will receive 1.00 share of Renasant common stock for each share of The First common stock. Additionally, all options of The First will be cashed out at their in-the-money value at closing. Based on Renasant's closing stock price of $37.09 per share as of July 26, 2024, the implied transaction value is approximately $37.09 per The First share, or $1.2 billion, in the aggregate. Excluding one-time transaction costs, the merger is expected to be immediately accretive to Renasant's estimated earnings per share and to have a positive long-term impact on Renasant's key profitability and operating ratios.

 

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