March 28, 2018 / 10:27 PM / 5 months ago

BRIEF-Renasant, Brand Group Announce Merger Agreement

March 28 (Reuters) - Renasant Corp:

* RENASANT CORPORATION AND BRAND GROUP HOLDINGS, INC. ANNOUNCE DEFINITIVE MERGER AGREEMENT

* SAYS TRANSACTION CURRENTLY VALUED AT APPROXIMATELY $452.9 MILLION

* SAYS PROPOSED MERGER HAS BEEN APPROVED UNANIMOUSLY BY EACH COMPANY’S BOARD

* SAYS BRAND SHAREHOLDERS WILL RECEIVE 32.87 SHARES OF RENASANT COMMON STOCK AND $77.50 IN CASH FOR EACH SHARE OF BRAND COMMON STOCK

* SAYS ADDITIONALLY, ALL BRAND OPTIONS WILL BE CASHED OUT AT $1,550 PER SHARE

* SAYS EXCLUDING ONE-TIME TRANSACTION COSTS, MERGER IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO RENASANT’S ESTIMATED EARNINGS

* SAYS TRANSACTION’S FINAL PRICING IS CONTINGENT (AND SUBJECT TO REDUCTION ONLY) UPON BRAND’S DIVESTITURE OF CERTAIN ASSETS

* SAYS MERGER EXPECTED TO HAVE A SUBSTANTIAL POSITIVE LONG-TERM IMPACT ON RENASANT

* SAYS BARTOW MORGAN JR, CEO OF BRANDBANK, WILL JOIN RENASANT BANK’S BOARD

* SAYS ONE INDEPENDENT BRAND DIRECTOR WILL BE APPOINTED TO BOTH RENASANT CORPORATION AND RENASANT BANK BOARDS Source text for Eikon: Further company coverage:

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