Mackinac Financial Corp: Surges on $248 mln buyout deal

Nicolet Bankshares

13/04/2021 16:00

** Bank holding co's shares  MFNC.O  soar 52.6% to $20.08
after ~$248 mln buyout deal
    ** Nicolet Bankshares Inc  NCBS.O  to buy co and its
wholly-owned banking subsidiary, mBank, in a cash and stock deal
 urn:newsml:reuters.com:*:nPn74JXWSa
    ** NCBS's implied offer price of $23.21/shr, represents a
69.4% premium of MFNC's close on Friday
    ** Combined co will have pro forma total assets of $6.1 bln,
deposits of $5.2 bln and loans of $3.9 bln
    ** NCBS shares plummet 11.6% to $74.8
    ** MFNC has jumped ~58.8% YTD, while NCBS gained 15.2%

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))