Atlantic Union Bankshares to buy Sandy Spring Bancorp in $1.6 bln deal (updated)

Sandy Spring Bancorp

21/10/2024 11:14

(Adds details throughout)
       Oct 21 (Reuters) - Regional lender Atlantic Union
Bankshares  AUB.N  will buy smaller rival Sandy Spring Bancorp
 SASR.O  in an all-stock deal worth $1.6 billion, the companies
said on Monday.
    Sandy Spring shareholders will receive 0.900 shares of
Atlantic Union for each held, valuing the lender at $34.93
apiece based on Atlantic's last close.
    The offer represents a 7.1% premium to Sandy Spring's last
close. Sandy Spring shares rose 3% in premarket trading.
    The deal is expected to close by the end of third quarter of
2025.
    Morgan Stanley and Davis Polk advised Atlantic Union, while
Keefe, Bruyette & Woods and Kilpatrick Townsend & Stockton
advised Sandy Spring.

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