Independent Bank rises on $2 bln takeover deal by peer Southstate

Independent Bank

20/05/2024 12:33

** Shares of regional lender Independent Bank Group  IBTX.O 
rise 3% to $45.28 in light premarket trading
    ** Peer Southstate Corp  SSB.O  to acquire the lender in an
all-stock deal worth about $2 bln 
    ** As part of the deal, Independent Bank shareholders will
receive 0.60 shares of SouthState common stock
    ** Deal values IBTX at $48.51 per share, representing a
10.4% premium to the stock's last close
    ** YTD, stock is down ~13.6%

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))