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Stock Market & Financial Investment News

News Breaks
December 18, 2013
09:13 EDTFFBCFirst Financial Bancorp acquires First Bexley in cash, stock transaction
First Financial Bancorp and The First Bexley Bank announced the signing of a definitive merger agreement. Under the merger agreement, First Financial will acquire First Bexley in a cash and stock transaction in which First Bexley will merge with and into First Financial Bank. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of each party, shareholders of First Bexley will receive $30.50 for each share of First Bexley common stock consisting of $24.40 in the company's common stock and $6.10 in cash, subject to certain adjustment depending upon changes in the price of the company's common stock. The transaction is valued at approximately $44.5M. Additionally, the company intends to appoint one director from First Bexley's board to serve on its board following close of the transaction. Excluding estimated restructuring charges of approximately $3.5M, First Financial expects the transaction to be accretive to FY14 diluted earnings per share by 2c-3c and to 2015 diluted earnings per share by 6c. The transaction is expected to be completed during 1H14, subject to approval by First Bexley's shareholders, regulatory approvals and other customary closing conditions.
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