Village Bank hits 14-year high after $120 mln deal with TowneBank
24/09/2024 15:54
(Updates)
** Shares of Village Bank and Trust Financial VBFC.O jump
~40% to $75.15, hitting their highest since 2010
** TowneBank TOWN.O agrees to acquire VBFC in $120 mln
deal
** Combined entity to have total assets of $17.8 bln,
companies say
** TOWN will pay $80.25 per VBFC share in cash, a ~49%
premium to VBFC's last close
** TOWN shares dip 1.2%
** YTD, as of last close, VBFC has gained 35.5%, while TOWN
jumped 13.6%
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
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Village Bank hits 14-year high after $120 mln deal with TowneBank