SouthState Agrees To Acquire Independent Bank Group, In An All-stock Transaction Valued At ~$2B
Portfolio Pulse from Benzinga Newsdesk
SouthState has agreed to acquire Independent Bank Group in an all-stock transaction valued at approximately $2 billion. Independent Bank Group shareholders will receive 0.60 shares of SouthState common stock for each share of Independent Bank Group common stock. The transaction is based on SouthState's closing stock price of $80.85 as of May 17, 2024.
May 20, 2024 | 11:08 am
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NEUTRAL IMPACT
SouthState (SSB) is acquiring Independent Bank Group in an all-stock transaction valued at approximately $2 billion. SSB will issue 0.60 shares of its common stock for each IBTX share.
The impact on SSB's stock price is neutral in the short term as the market digests the acquisition news. The long-term impact will depend on the successful integration of IBTX.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Independent Bank Group (IBTX) is being acquired by SouthState in an all-stock transaction valued at approximately $2 billion. IBTX shareholders will receive 0.60 shares of SouthState common stock for each IBTX share.
The acquisition is likely to positively impact IBTX's stock price in the short term as shareholders will receive SouthState stock, which is currently valued higher.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100