Renasant to buy rival First Bancshares in $1.2 bln deal (updated)

Renasant

29/07/2024 21:38

(Adds details throughout)
       July 29 (Reuters) - Regional lender Renasant Corp
 RNST.N  has agreed to buy rival The First Bancshares  FBMS.N 
in an all-stock deal valued at $1.2 billion, the
Mississippi-based banks said on Monday.
    First Bancshares shareholders will receive one share of
Renasant for each held, valuing the lender at $37.09 per share,
based on Renasant's Friday close.
    The offer represents a 20.4% premium to First Bancshares
Friday close.
    First Bancshares shares gained 10.2% after the bell, while
Renasant shares fell 1%.
    The deal is expected to close in the first half of 2025.
    
    

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