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LTXB - LegacyTexas Financial Inc News Story

$42.54 -1.6  -3.6%

Last Trade - 31/10/19

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £292.3m
Position in Universe th / 6362

BUZZ-U.S. bank Prosperity falls on $2.1 bln deal to buy peer LegacyTexas

Mon 17th June, 2019 3:07pm
** U.S. regional bank Prosperity Bancshares Inc  PB.N  down
4.2% in morning trade, hitting a 6-month low
    ** Prosperity said on Monday it would buy Plano, Texas-based
peer LegacyTexas Financial Group Inc  LTXB.O  for $2.1 bln
 urn:newsml:reuters.com:*:nL4N23O2KJ
    ** LTXB up 4.1%, best day in ~7 months
    ** Deal would create the second-biggest bank by deposits in
Texas
    ** Prosperity's offer is at a premium of 9.3% based on
closing price of LegacyTexas shares on Friday
    ** Deal expected to close in Q4 2019
    ** Kevin Hanigan, chief executive officer of LegacyTexas,
will join Prosperity as its chief operating officer, the
companies 
    ** 2 of 13 brokerages rate PB "buy", 10 "hold" and 1 "sell";
their median PT is $72.5
    ** 5 of 8 brokerages rate LTXB "buy" or higher, 3 "hold";
their median PT is $43 
    ** Despite Monday's early losses, PB up 4.2% this year,
while LTXB surged 24.2% in the same period

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400; Reuters Messaging:
Bharath.ManjeshR.thomsonreuters.com@reuters.net))
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