Horizon Bancorp (HBNC)

[norweger1979]

HBNC $27.98

HBNC acquired LPSB in the summer of 2016, shareholders who elected to receive HBNC stock have made out very well. LPSB top shareholders prior to the merger could have been a good indication of a takeover.

http://stockcharts.com/freecharts/gallery.html?hbnc


link back to LPSB DD
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=111500151

news story for completion of acquisition

MICHIGAN CITY, Ind.--(BUSINESS WIRE)--

Horizon Bancorp (HBNC) (“Horizon”), the parent of Horizon Bank, N.A., (“Horizon Bank”) today announced the completion of the acquisition of LaPorte Bancorp, Inc. (“LaPorte Bancorp”) and its wholly-owned subsidiary, The LaPorte Savings Bank, of LaPorte, Indiana, effective July 18, 2016. LaPorte Bancorp was merged into Horizon immediately followed by the merger of The LaPorte Savings Bank into Horizon Bank.

Under the terms of the Merger Agreement, shareholders of LaPorte Bancorp had the option to receive $17.50 per share in cash or 0.629 shares of Horizon common stock, or a combination of both, for each share of LaPorte Bancorp’s common stock, subject to allocation provisions to assure that in aggregate, LaPorte Bancorp shareholders received total consideration that consists of 65% stock and 35% cash. As a result of LaPorte stockholder stock and cash elections and the related proration provisions of the Merger Agreement, Horizon issued 2,280,992 shares of its common stock in the merger. Based upon the July 15, 2016 closing price of $26.31 per share of Horizon common stock, the transaction has an implied valuation of approximately $98.9 million.

the trend for more consolidation in the small to medium banking sector is still intact, so pick your horses