Old National Bancorp hits 16-yr high after $1.4 bln deal to buy Bremer Financial

Old National Bancorp

25/11/2024 16:23

** Shares of regional lender Old National Bancorp  ONB.O 
jump as much as 9.7%; last up 7.6% at $23.30
    ** Stock trading at its highest since September 2008
    ** ONB will buy privately held Minnesota-based Bremer
Financial in a $1.4 bln cash-and-stock deal, the companies say
    ** Deal creates a combined Midwest-focused bank with $70 bln
in assets and bolsters ONB's presence in Minnesota, North Dakota
and Wisconsin
    ** Bremer shareholders will receive 4.182 shares of ONB and
$26.22 in cash, valuing the lender at $116.76/shr
    ** Piper Sandler says the deal greatly improves ONB's
Minneapolis–Saint Paul footprint and provides cost savings
opportunities
    ** Financials look compelling for ONB shareholders, Piper
Sandler says
    ** As of last close, ONB shares up 28.2% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))