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BRIEF-Southside Bancshares,rocket merger sub, unit of Southside entered into agreement, plan of merger with Diboll State Bancshares
June 12, 2017 / 9:54 PM / a month ago

BRIEF-Southside Bancshares,rocket merger sub, unit of Southside entered into agreement, plan of merger with Diboll State Bancshares

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June 12 (Reuters) - Southside Bancshares Inc:

* Southside Bancshares - on June 12, 2017, co, rocket merger sub, unit of southside entered into agreement, plan of merger with Diboll State Bancshares

* Southside Bancshares - merger deal provides that, merger subsidiary will merge with and into Diboll with Diboll continuing as surviving corporation

* Southside Bancshares - immediately after first merger, as part of integrated plan, surviving corp to merge with, southside with Southside as Surviving Corp

* Southside Bancshares Inc - board of directors of Southside unanimously approved merger agreement on June 12, 2017.

* Southside - pursuant to merger agreement, each outstanding share of common stock of Diboll, par value $1.00 per share, will cease to be outstanding

* Southside - each share of Diboll will be converted into right to receive a cash amount equal to quotient of up to $25 million divided by Diboll shares

* Southside Bancshares - in certain circumstances if merger agreement is terminated , Diboll is required to pay a termination fee of $9.0 million to co

* Southside - each Diboll share, par value $1.00/share, will receive a no. of shares, par value $1.25/ share, of co equal to 5.5 million divided by Diboll share no. Source text for Eikon: Further company coverage:

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