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Stock Market & Financial Investment News

News Breaks
December 19, 2012
17:48 EDTSYBTS.Y. Bancorp to acquire The Bancorp for approximately $19.9M
S.Y. Bancorp (SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, announced that it has entered into a definitive agreement to acquire all of the common stock of The Bancorp in a cash-and-stock transaction valued at approximately $19.9M. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, the transaction is valued at $19.9M, which includes $19.5M in consideration to Bancorp shareholders and $0.4M in cash consideration to Bancorp option holders. The $19.5M of consideration will include 534,885 shares of S.Y. Bancorp common stock, subject to adjustment, valued at $11.7M based upon the 20-trading day volume-weighted average price of S.Y. Bancorp common stock as of the close of markets on December 18, and $7.8M in cash, subject to adjustment. The transaction is expected to be accretive to S.Y. Bancorp's tangible book value per share and slightly accretive to earnings per share, excluding restructuring charges. The transaction is expected to close early in the second quarter of 2013
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