Old National Bancorp/Monroe Bancorp
On October 6, 2010, Old National Bancorp (NYSE: ONB) and Monroe Bancorp (Nasdaq: MROE) announced that they have entered into a definitive agreement whereby Old National will acquire Monroe Bancorp.
Under the terms of the merger agreement, shareholders of Monroe Bancorp common stock will receive 1.275 shares of Old National Bancorp common stock for each share of Monroe Bancorp common stock held by them. Based upon yesterday's closing price of $10.47 per share of Old National Bancorp common stock, the transaction is valued at approximately $83.5 million.
The exchange ratio will adjust if the price of Old National common stock (calculated near the closing time) exceeds $10.98 per share. In such event, the Monroe shareholders will receive $14.00 of Old National common stock for each share of Monroe common stock held by them.
The transaction is expected to close by the end of 2010.
Old National was advised by Sandler O'Neill + Partners, L.P., as well as the law firm of Krieg DeVault LLP.
Monroe was advised by the investment banking firm of Howe Barnes Hoefer & Arnett, Inc., and the law firm of Barnes and Thornburg LLP.
Under the terms of the merger agreement, shareholders of Monroe Bancorp common stock will receive 1.275 shares of Old National Bancorp common stock for each share of Monroe Bancorp common stock held by them. Based upon yesterday's closing price of $10.47 per share of Old National Bancorp common stock, the transaction is valued at approximately $83.5 million.
The exchange ratio will adjust if the price of Old National common stock (calculated near the closing time) exceeds $10.98 per share. In such event, the Monroe shareholders will receive $14.00 of Old National common stock for each share of Monroe common stock held by them.
The transaction is expected to close by the end of 2010.
Old National was advised by Sandler O'Neill + Partners, L.P., as well as the law firm of Krieg DeVault LLP.
Monroe was advised by the investment banking firm of Howe Barnes Hoefer & Arnett, Inc., and the law firm of Barnes and Thornburg LLP.
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