Dec 24 (Reuters) - Cadence Bancorp said on Monday it would offer more shares to buy State Bank Financial Corp in an $849 million deal, well below the $1.4 billion it offered in May.
Cadence’s share price has fallen nearly 43 percent since May 13, when it announced the offer.
State Bank shareholders will receive 1.271 shares of Cadence class A common stock for every share held, up from 1.160 in the previous offer.
Cadence’s shares closed at $17.20 on Friday. The deal is expected to be completed on Jan. 1.
Reporting By Aparajita Saxena in Bengaluru Editing by Saumyadeb Chakrabarty