Brief: Southstate Corporation And Atlantic Capital Bancshares Announce Merger Agreement

SouthState Bank

23/07/2021 11:11

July 23 (Reuters) - Atlantic Capital Bancshares Inc
 ACBI.O :
    * SOUTHSTATE CORPORATION AND ATLANTIC CAPITAL BANCSHARES
ANNOUNCE
MERGER AGREEMENT
    * ATLANTIC CAPITAL BANCSHARES INC - DEAL FOR APPROXIMATELY
$542
MILLION, OR $26.43 PER SHARE OF ATLANTIC CAPITAL COMMON STOCK
    * ATLANTIC CAPITAL BANCSHARES - SIGNED DEFINITIVE AGREEMENT
PURSUANT TO WHICH CO WILL MERGE WITH & INTO SOUTHSTATE IN AN
ALL-STOCK TRANSACTION
    * ATLANTIC CAPITAL BANCSHARES - SUBJECT TO TERMS, CO'S
SHAREHOLDERS WILL RECEIVE 0.36 SHARES OF SOUTHSTATE COMMON STOCK
FOR EACH OUTSTANDING SHARE OF CO
    * ATLANTIC CAPITAL BANCSHARES INC - TWO ATLANTIC CAPITAL
DIRECTORS
WILL JOIN BOTH COMPANY BOARD AND SOUTHSTATE BANK BOARD
    * ATLANTIC CAPITAL BANCSHARES INC - TRANSACTION IS EXPECTED
TO
RESULT IN 3% EPS ACCRETION ON A FULLY PHASED IN BASIS
    * ATLANTIC CAPITAL BANCSHARES - TRANSACTION IS EXPECTED TO
RESULT
IN MINIMAL TANGIBLE BOOK VALUE DILUTION, WHICH IS EXPECTED TO BE
EARNED BACK IN 2 YRS

Source text for Eikon:  ID:nPn6zHp1na 
Further company coverage:  ACBI.O 

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