Market Updates
Cadence Bancrop Lowered Offer for State Bank, Mindbody Agreed to LBO Deal
Mukesh Buch
24 Dec, 2018
New York City
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Cadence Bancrop lowered offer price to acquire State Bank Financial Corp. China-based HNA Technology is reported to be in talks to sell Ingram Micro. Mindbody agreed to be acquired by Vista Equity Partners for $1.9 billion.
[R]1:05 PM New York City, New York – Cadence Bancrop lowered offer price to acquire State Bank Financial Corp. China-based HNA Technology is reported to be in talks to sell Ingram Micro. Mindbody agreed to be acquired by Vista Equity Partners for $1.9 billion.[/R]
Tollbooth Index plunged 545.67 or 3.9% to 13,261.76 and for the year-to-date declined 3.6%.
Earnings Review
Cadence Bancrop ((STBZ)) plunged 5.3% or 91 cents to $16.29 after the banking services provider proposed 4.3 million additional shares and lowered offer price to about $849 million from $1.4 billion it had offered in May.
Under the revised deal terms, State Bank shareholders will receive 1.271 shares of Cadence compared to 1.160 in the previous offer.
State Bank Financial Corp share gained 1.4% to $20.64.
The transaction is now expected to complete on January 1, 2019.
Mindbody Inc ((MB)) surged 66.7% or $14.99 to $36.21 after the cloud-based software agreed to be acquired by private equity firm Vista Equity Partners for $36.50 in cash or about $1.9 billion.
The transaction is expected to close in the first-quarter of 2019.
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