Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
Southwest Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/14/2016
Announcement Date:
12/14/2016
Announced Deal Value ($ M):
567.69
Status:
Completed
Completion Date:
10/19/2017
Announced Deal Value Per Share ($ )
30.38

Consideration Breakout
Cash ($M) 95.5
Common Stock ($M) 436.1
Common Stock Issued 7,250,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 200.0 179.9
Price / Tangible Book (%) 212.0 189.9
Price / Earnings (x) 36.2 24.7
Price / Deposits (%) 29.14 26.40
Price / Assets (%) 23.00 20.66
Tangible Book Premium/ Deposits (%) 18.74 15.63
Deal Terms
Description of Consideration

Simmons First National Corp. paid $5.11 in cash and exchanged 0.3903 shares of its common stock for each outstanding share of Southwest Bancorp Inc., subject to certain conditions and potential adjustments. Simmons First National Corp. also assumed Subordinated debentures of Southwest Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 232,950
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 21,500
Est. Restructuring Charges ($ 000) 19,692
Maximum Termination Fee ($ 000) 20,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.390300
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) 42,124
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
Seller Yes McAfee & Taft