LegacyTexas Financial Inc logo

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 £294.5m
Position in Universe th / 6395

UPDATE 1-Prosperity to buy peer LegacyTexas Financial for $2.1 bln

Mon 17th June, 2019 12:10pm
(Adds details of terms of the deal, advisers, management
change)
    June 17 (Reuters) - Prosperity Bancshares Inc  PB.N  said http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190617:nPn8SyNCga
 on Monday it has agreed to buy Plano, Texas-based peer
LegacyTexas Financial Group Inc  LTXB.O  for $2.1 billion.
    LegacyTexas shareholders will receive 0.528 Prosperity
shares and $6.28 in cash for each share held, valuing the
company at $41.78 per share. 
    Prosperity's offer represents a premium of about 9.3% based
on LegacyTexas' closing price on Friday, according to Reuters
calculations.
    Kevin Hanigan, chief executive officer of LegacyTexas, will
join Prosperity as its chief operating officer, the companies
said in a joint statement.
    The transaction is expected to close in the fourth quarter
of 2019.
    Prosperity's financial adviser in the deal was Keefe,
Bruyette & Woods, while J.P. Morgan Securities LLC acted as 
financial adviser for LegacyTexas.

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