First Merchants Corp. (FRME)

[56Chevy]

First Merchants Corporation and Community Bancshares, Inc. Announce the Signing of a Definitive Merger Agreement


Date : 07/22/2014 @ 8:55AM
Source : Business Wire
Stock : First Merchants Corp. (MM) (FRME)
Quote : $20.61 0.23 (1.13%) @ 1:17PM

First Merchants Corporation (NASDAQ: FRME) and Community Bancshares, Inc. today announced they have executed a definitive agreement whereby Community Bancshares will merge with and into First Merchants, and its wholly-owned bank subsidiary, Community Bank, will merge with and into First Merchants Bank, N.A.

The merger agreement provides that shareholders of Community Bancshares will have the right to exchange each Community Bancshares common share held for either or a combination of (i) 4.0926 shares of First Merchants’ common stock, or (ii) $85.94 in cash. In the event that the total amount of cash elections exceeds $15 million, proration will occur to limit the cash paid to $15 million. Based on the closing price of First Merchants’ common stock on July 21, 2014 of $20.38, the transaction value is approximately $46.3 million.

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FD: I do not own shares of FRME.