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BRIEF-FB financial corp revises terms of Clayton Banks acquisition
May 26, 2017 / 9:01 PM / 2 months ago

BRIEF-FB financial corp revises terms of Clayton Banks acquisition

2 Min Read

May 26 (Reuters) - FB Financial Corp

* Fb financial corporation announces revised terms of clayton banks acquisition and private placement of common stock

* Fb financial corp - ‍amended purchase agreement for clayton banks acquisition changes consideration mix​

* Fb financial corp - ‍amended purchase agreement expected to further enhance earnings accretion in 2018 and 2019​

* Fb financial corp - ‍under terms of amendment, consideration for acquisition of clayton banks includes cash consideration of $124.2 million​

* Fb financial corp- stock purchase agreement has been amended to reduce stock portion of consideration to be received by clayton hc

* Fb financial corp - private placement proceeds to fund cash consideration for clayton banks acquisition

* Fb financial corp - ‍under terms of amendment, consideration for acquisition of clayton banks includes 1.5 million shares of fbk common stock​

* Fb financial corp- agreement amended such that clayton hc's post-closing ownership in company will be less than 5% of outstanding shares

* Fb financial - ‍under amended terms, consideration for acquisition of clayton banks includes $60 million of firstbank subordinated debt issued to clayton hc​

* Fb financial - ‍under amended terms, consideration for acquisition of clayton banks includes $79.5 million of cash that represents return of excess capital​

* Fb financial corp- amendment provides for reducing stock consideration from 5.9 million shares to 1.5 million shares

* Fb financial corp- amendment provides for cash payment to clayton hc of $124.2 million at closing as consideration for reduced stock consideration

* Fb financial- expect deal to provide incremental eps accretion in 2018,2019,reaching about 20 %annually, versus 15 %-plus estimate previously announced

* Fb financial corp- now expect capital dilution to be earned back by end of 2017 Source text for Eikon: Further company coverage:

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