Mergers & Acquisitions

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Deal Overview

Buyer:
Simmons First National Corporation
Actual Acquirer:
Simmons First National Corporation
Target:
First Texas BHC, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/23/2017
Announcement Date:
1/23/2017
Announced Deal Value ($ M):
467.03
Status:
Completed
Completion Date:
10/19/2017
Announced Deal Value Per Share ($ )
56.76

Consideration Breakout
Cash ($M) 52.1
Common Stock ($M) 389.9
Common Stock Issued 6,500,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 205.9 192.1
Price / Tangible Book (%) 246.6 227.6
Price / Earnings (x) 25.1 23.2
Price / Deposits (%) 28.24 25.88
Price / Assets (%) 21.93 19.36
Tangible Book Premium/ Deposits (%) 18.51 16.66
Deal Terms
Description of Consideration

Simmons First National Corp. paid $6.60 in cash and issued 0.8263 shares of its common stock for each outstanding shares of First Texas BHC Inc. Simmons First National Corp. also assumed Subordinated Debt. of First Texas BHC Inc. First Texas BHC Inc.'s equity derivatives were cashed out. Simmons First National Corp. paid off $59.95 million term loan of First Texas BHC Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 240,843
Estimated Cost Savings (%) 32.00
Estimated Cost Savings ($ 000) 17,000
Est. Restructuring Charges ($ 000) 13,846
Maximum Termination Fee ($ 000) 18,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.826300
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) 7,328
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Mercer Capital Management,
Seller Yes Stephens Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
Seller Yes Fenimore Kay Harrison & Ford