Emclaire Financial hits over 2-1/2 year high on buyout deal

Farmers National Banc

24/03/2022 15:10

** Shares of Emclaire Financial Corp  EMCF.O  surge 29% to
$37.34, their highest since July 2019
    ** Co, which is the parent company of Emlenton Bank, agrees
to be bought by Farmers National Banc Corp  FMNB.O  in $105 mln
deal  urn:newsml:reuters.com:*:nBwjTtnJa
    ** FMNB's shares down marginally at $17
    ** Deal valued at $37.62/shr, companies say, representing a
premium of 30% to EMCF's last close
    ** Merger is expected to close in the second half of 2022,
immediately after which one director from EMCF's board will join
FMNB's board, companies say
    ** After deal closes, FMNB expects to have ~$5.2 bln in
assets
    ** EMCF shares are up marginally YTD, while FMNB has lost 8%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))