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Horizon (HBNC) Will Pay 31% Premium to Buy Wolverine (WBKC)
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Horizon Bancorp (HBNC - Free Report) announced on June 14, 2017 that it has agreed to acquire Wolverine Bancorp, Inc. and its wholly-owned subsidiary, Wolverine Bank. The deal value represents a premium of about 31%. The transaction, which is expected to close by the end of third quarter or early fourth-quarter 2017, is subject to regulatory as well as shareholder approval.
The acquisition is expected to help Horizon Bancorp expand its market presence in Michigan’s Great Lakes Bay Region.
Per the agreement, Wolverine shareholders will receive approximately 1.0152 Horizon shares and $14.00 in cash for each of their own shares held. Based on the closing price on June 13, the deal value comes at $41.92 per share.
Shares of Horizon Bancorp declined nearly 5.1% following the news.
However, Horizon’s Chairman and Chief Executive Officer, Craig M. Dwight, said, “We are enthusiastic about this merger, as it allows Horizon to extend our reach into Michigan while remaining true to our values as we partner with this like-minded institution.”
He further added, “We believe that establishing a significant presence in these larger markets and regions of Michigan will provide Horizon with substantial growth opportunities, a key component to our future success.”
Wolverine Bank’s President and Chief Executive Officer, David H. Dunn, said, “This partnership with Horizon Bank will provide us new opportunities to increase the depth of products and services we can offer to our customers, while providing significant value to our shareholders. Importantly, Horizon shares our commitment to community banking and understands the value we provide to the communities we serve. We have great history and pride in being a strong and trusted resource for our customers and communities, and we feel that will continue as we join together with Horizon.”
Raymond James & Associates, Inc., a division of Raymond James Financial, Inc. (RJF - Free Report) , advised Horizon Bancorp for the transaction. On the other hand, Wolverine was advised by Keefe, Bruyette & Woods, Inc.
Shares of Horizon Bancorp surged 61.5% in the last one year, outperforming the Zacks categorized Banks - Northeast industry’s rally of 37%.
Currently, the company carries a Zacks Rank #3 (Hold).
A better-ranked stock in the finance space worth considering is Comerica Incorporated (CMA - Free Report) . Its Zacks Consensus Estimate was revised 8.6% upward for the current year, in the last 60 days. The company’s share price surged 78.2% in the last one year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Horizon (HBNC) Will Pay 31% Premium to Buy Wolverine (WBKC)
Horizon Bancorp (HBNC - Free Report) announced on June 14, 2017 that it has agreed to acquire Wolverine Bancorp, Inc. and its wholly-owned subsidiary, Wolverine Bank. The deal value represents a premium of about 31%. The transaction, which is expected to close by the end of third quarter or early fourth-quarter 2017, is subject to regulatory as well as shareholder approval.
The acquisition is expected to help Horizon Bancorp expand its market presence in Michigan’s Great Lakes Bay Region.
Per the agreement, Wolverine shareholders will receive approximately 1.0152 Horizon shares and $14.00 in cash for each of their own shares held. Based on the closing price on June 13, the deal value comes at $41.92 per share.
Shares of Horizon Bancorp declined nearly 5.1% following the news.
However, Horizon’s Chairman and Chief Executive Officer, Craig M. Dwight, said, “We are enthusiastic about this merger, as it allows Horizon to extend our reach into Michigan while remaining true to our values as we partner with this like-minded institution.”
He further added, “We believe that establishing a significant presence in these larger markets and regions of Michigan will provide Horizon with substantial growth opportunities, a key component to our future success.”
Wolverine Bank’s President and Chief Executive Officer, David H. Dunn, said, “This partnership with Horizon Bank will provide us new opportunities to increase the depth of products and services we can offer to our customers, while providing significant value to our shareholders. Importantly, Horizon shares our commitment to community banking and understands the value we provide to the communities we serve. We have great history and pride in being a strong and trusted resource for our customers and communities, and we feel that will continue as we join together with Horizon.”
Raymond James & Associates, Inc., a division of Raymond James Financial, Inc. (RJF - Free Report) , advised Horizon Bancorp for the transaction. On the other hand, Wolverine was advised by Keefe, Bruyette & Woods, Inc.
Shares of Horizon Bancorp surged 61.5% in the last one year, outperforming the Zacks categorized Banks - Northeast industry’s rally of 37%.
Currently, the company carries a Zacks Rank #3 (Hold).
A better-ranked stock in the finance space worth considering is Comerica Incorporated (CMA - Free Report) . Its Zacks Consensus Estimate was revised 8.6% upward for the current year, in the last 60 days. The company’s share price surged 78.2% in the last one year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>