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June 4, 2014
08:33 EDTONB, LSBIOld National Bancorp to acquire LSB Financial
Old National Bancorp (ONB) and Lafayette-based LSB Financial (LSBI) jointly announced the execution of a definitive agreement under which Old National will acquire LSB Financial through a stock and cash merger. Under the terms of the merger agreement, which was unanimously approved by the boards of both companies, shareholders of LSB Financial will receive 2.269 shares of Old National common stock and $10.63 in cash for each share of LSB Financial common stock. Based upon the June 3, closing price of $13.68 per share of Old National common stock, the transaction is valued at approximately $41.67 per share of LSB Financial common stock, or approximately $66.7M. The transaction value is likely to change due to fluctuations in the price of Old National common stock. As provided in the merger agreement, the exchange ratio is subject to adjustment in the event shareholders' equity of LSB Financial is below a specified amount. The transaction is expected to close in mid-to-late 4Q14. It remains subject to approval by LSB Financial's shareholders and approval by federal regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement. The merger agreement also provides that Lafayette Savings Bank will be merged into Old National Bank.
News For ONB;LSBI From The Last 14 Days
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February 1, 2016
08:08 EDTONBOld National Bancorp reports Q4 EPS 27c, consensus 25c
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07:19 EDTONBAnchor BanCorp Wisconsin downgraded to Equal Weight from Overweight at Stephens
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