Brief: Northwest Bancshares To Buy Donegal Financial Services Corp

Northwest Bancshares

12/06/2018 13:47

June 12 (Reuters) - Northwest Bancshares Inc  NWBI.O :
    * NORTHWEST BANCSHARES INC - WILL ACQUIRE DFSC IN A CASH AND
STOCK
TRANSACTION FOR TOTAL CONSIDERATION VALUED AT $85 MILLION
    * NORTHWEST BANCSHARES INC - UNDER TERMS OF AGREEMENT,
PAYMENT
WILL BE 50% CASH AND 50% STOCK
    * NORTHWEST BANCSHARES INC - WILL PAY DIVIDEND OF ABOUT $30
MILLION TO DFSC'S TWO SHAREHOLDERS IMMEDIATELY PRIOR TO CLOSING
OF DEAL
    * NORTHWEST BANCSHARES INC - STOCK PORTION OF DEAL
CONSISTING OF
FIXED EXCHANGE OF 137.84 NORTHWEST SHARES FOR EACH OF DFSC'S
17,864 OUTSTANDING SHARES
    * NORTHWEST BANCSHARES INC - TRANSACTION IS EXPECTED TO BE
IMMEDIATELY ACCRETIVE TO NORTHWEST'S EARNINGS, EXCLUDING
ONE-TIME COSTS
    * NORTHWEST BANCSHARES - DEAL EXPECTED TO INCREASE CO'S
RETURN ON
AVERAGE COMMON EQUITY TO ABOUT 8.7% IN FIRST YEAR OF COMBINED
OPERATIONS
    * NORTHWEST BANCSHARES - CO HAS RIGHT TO ALTER MIX OF CASH &
STOCK
TO BE RECEIVED IN DEAL IF VALUE OF CO'S SHARES DURING
CALCULATION PERIOD BELOW $15.53
    * NORTHWEST BANCSHARES - EXCHANGE RATIO WILL SWITCH TO
FLOATING
BASIS IF CO'S SHARES DURING PERIOD ENDING FIFTH TRADING DAY
BEFORE CLOSING IS LESS THAN $15.53/GREATER THAN $18.99

Source text for Eikon:  ID:nPn2MjRm4a 
Further company coverage:  NWBI.O 

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