Southern California Bancorp, California BanCorp To Combine In An All-stock Merger Valued At ~$233.6M, Or $26.54 Per Share Of California Bancorp
Portfolio Pulse from Benzinga Newsdesk
Southern California Bancorp and California BanCorp have announced an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California Bancorp. Under the terms of the agreement, each share of California BanCorp common stock will be exchanged for 1.590 shares of Southern California Bancorp common stock.
January 30, 2024 | 11:03 am
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NEUTRAL IMPACT
Southern California Bancorp (BCAL) is set to merge with California BanCorp in an all-stock deal. BCAL will be the surviving entity, issuing 1.590 shares for each CALB share.
The merger is a significant event for BCAL, but since it is an all-stock deal, the immediate financial impact may be neutral. The long-term effects will depend on the combined entity's performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
California BanCorp (CALB) is set to be acquired by Southern California Bancorp in an all-stock transaction valued at $26.54 per share, with CALB shareholders receiving 1.590 shares of BCAL for each share of CALB.
CALB shareholders are receiving a premium based on the merger valuation, which could lead to a short-term increase in CALB's stock price as the market reacts to the news.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80