Hancock Holding/Whitney Holding
On December 22, 2010, Hancock Holding Company (Nasdaq: HBHC) and and Whitney Holding Corporation (Nasdaq: WTNY) announced that they have entered an agreement whereby Whitney will merge into Hancock in a stock-for-stock transaction valued at about $1.5 billion.
Under the terms of the agreement, subject to shareholder and regulatory approval and other customary conditions, shareholders of Whitney Holding Corporation will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock. The value of a Whitney share would be $15.48 based on Hancock's closing price on December 21, 2010 of $37.04.
The transaction is expected to be completed in Q211.
Hancock Holding Company expects to realize substantial cost savings of $134 million on a pre-tax basis once fully phased in by 2013, and anticipates that the transaction will be 10% accretive to earnings in 2012 and 19% accretive once the synergies are fully phased in for 2013.
Under the terms of the agreement, subject to shareholder and regulatory approval and other customary conditions, shareholders of Whitney Holding Corporation will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock. The value of a Whitney share would be $15.48 based on Hancock's closing price on December 21, 2010 of $37.04.
The transaction is expected to be completed in Q211.
Hancock Holding Company expects to realize substantial cost savings of $134 million on a pre-tax basis once fully phased in by 2013, and anticipates that the transaction will be 10% accretive to earnings in 2012 and 19% accretive once the synergies are fully phased in for 2013.
