Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Hardeman County Investment Company, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/17/2016
Announcement Date:
11/17/2016
Announced Deal Value ($ M):
74.77
Status:
Completed
Completion Date:
5/15/2017
Announced Deal Value Per Share ($ )
461.18

Consideration Breakout
Cash ($M) 29.4
Common Stock ($M) 41.2
Common Stock Issued 800,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 140.2 137.9
Price / Tangible Book (%) 179.4 178.6
Price / Earnings (x) 18.4 17.4
Price / Deposits (%) 20.06 17.90
Price / Assets (%) 16.19 14.83
Tangible Book Premium/ Deposits (%) 10.35 9.05
Deal Terms
Description of Consideration

Simmons First National Corp. paid $181.47 per share in cash and exchanged 4.8393 shares of its common stock for each of the outstanding share of Hardeman County Investment Co. Inc. Target financials are for First South Bank. Simmons First National Corp. also assumed Hardeman County Investment Co. Inc.'s Subordinated Debentures.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 30,201
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 5,300
Est. Restructuring Charges ($ 000) 9,231
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 4.839300
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 7,840
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Olsen Palmer LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
Seller Yes Baker Donelson Bearman