Malvern Bancorp soars on First Bank buyout deal

Malvern Bancorp

14/12/2022 18:59

** Shares of Malvern Bancorp Inc  MLVF.O  up 13.4% at
$17.48, highest in more than a year
    ** First Bank  FRBA.O  to acquire MLVF in a deal valued
$149.5 mln, based on FRBA's closing price of $15.31 on Dec. 13
    ** MLVF shareholders will get 0.7733 shares of FRBA common
stock and $7.80 in cash for each MLVF share
    ** Merger approved by boards of both companies, expected to
be completed in Q2 2023
    ** Transaction will be significantly and immediately
accretive to FRBA's earnings per share
    ** FRBA shares slip 9.9%, trading at $13.79, a two-month low
    ** Including Wednesday's trading, MLVF up 11.7% YTD, FRBA
down 4.9%
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))