Encore Bancshares (EBTX) to Be Acquired by Cadence Bancorp for $20.62/Share
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Cadence Bancorp, LLC announced today that it has entered into a definitive agreement to purchase Encore Bancshares, Inc. (Nasdaq: EBTX) in an all-cash transaction.
Under terms of the definitive agreement, Cadence will pay $20.62 per share, or approximately $250 million for the approximately 12.1 million outstanding shares of Encore, equating to 2.4x price to tangible book value multiple. Certain members of the Board of Directors of Encore have provided proxies in support of the transaction.
The transaction has been approved by the Boards of Directors of both companies and is expected to close during the second half of 2012. The transaction is subject to customary conditions including shareholder and regulatory approvals.
Under terms of the definitive agreement, Cadence will pay $20.62 per share, or approximately $250 million for the approximately 12.1 million outstanding shares of Encore, equating to 2.4x price to tangible book value multiple. Certain members of the Board of Directors of Encore have provided proxies in support of the transaction.
The transaction has been approved by the Boards of Directors of both companies and is expected to close during the second half of 2012. The transaction is subject to customary conditions including shareholder and regulatory approvals.
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