Brief: First Citizens BancShares proposes to acquire KS Bancorp for $35.00/shr
13/07/2017 19:03
July 13 (Reuters) - First Citizens BancShares Inc FCNCA.O :
* First Citizens Bancshares proposes to acquire KS Bancorp
for $35.00 per share
* Made proposal to acquire KS Bancorp for transaction
valued at about $45.8 million
* Proposal was conveyed in a letter to KS Bancorp's board
of directors
* Says "objective is to engage in substantive discussions
with KS Bancorp"
* By letter dated July 11, KS Bancorp's CEO Keen rejected
First Citizens' proposal to buy KS Bancorp at $33.00 per share
* KS Bancorp's CEO Harold Keen informed that its board
determined its strategy of reorganizing would be "more
beneficial" than accepting co's earlier proposal
* Disappointed by KS Bancorp's rejection of earlier offer
without any discussion
* Says new proposal is not conditioned on financing
* Says "believe" that KS Bancorp shareholders will favor
immediate liquidity at "substantial" premium that its proposal
would provide
Source text for Eikon: urn:newsml:reuters.com:*:nGNXOABYZa
Further company coverage: FCNCA.O
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