First Bancshares up after Renasant to buy company in $1.2 bln deal

Renasant

29/07/2024 22:59

** Shares of First Bancshares  FBMS.N  up ~7% at $32.71
after the bell
    ** Regional lender Renasant Corp  RNST.N  agrees to buy
rival First Bancshares in an all-stock deal valued at $1.2 bln,
companies say in joint announcement
    ** First Bancshares' shareholders to receive one share of
Renasant for each held, valuing the lender at $37.09/share,
based on Renasant's Friday close
    ** Offer represents a 20.4% premium to First Bancshares'
Friday close
    ** Deal is expected to close in the 1H25
    ** Up to last close, FBMS up about 4%, RNST up about 7% YTD
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))