Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Corporation
Target:
Brand Group Holdings, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/28/2018
Announcement Date:
3/28/2018
Announced Deal Value ($ M):
476.35
Status:
Completed
Completion Date:
9/1/2018
Announced Deal Value Per Share ($ )
1,446.86
Consideration Breakout
| Cash ($M) | 21.9 |
| Common Stock ($M) | 435.5 |
| Common Stock Issued | 9,306,477 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Book (%) | 247.64 | 283.34 |
| Price / Tangible Book (%) | 247.67 | 283.35 |
| Price / Earnings (x) | 40.04 | NM |
| Price / Deposits (%) | 24.87 | 28.10 |
| Price / Assets (%) | 19.77 | 22.51 |
| Tangible Book Premium/ Deposits (%) | 16.87 | 21.10 |
Deal Terms
Description of Consideration
Renasant Corp. paid $74.57 in cash and exchanged 31.72 shares of its common stock for each of the outstanding share of Brand Group Holdings Inc. Consideration was subject to certain adjustments. Renasant Corp. also assumed Brand Group Holdings Inc.'s Subordinated debt and Trust preferred securities.
| Accounting Method | Acquisition |
| In-State Transaction? | No |
| Merger of Equals? | No |
| Geographic Expansion? | Partial Overlap |
| Goodwill Generated ($ 000) | 328,637 |
| Estimated Cost Savings (%) | 35.00 |
| Estimated Cost Savings ($ 000) | 34,318 |
| Est. Restructuring Charges ($ 000) | 42,000 |
| Maximum Termination Fee ($ 000) | 19,000 |
| Minimum Termination Fee ($ 000) | 0 |
| Exchange Ratio (Common For Common) | 31.720000 |
| 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) | 27,534 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Keefe Bruyette & Woods Inc. |
| Seller | Yes | Evercore Inc. |
Legal Counsel
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Phelps Dunbar LLP |
| Seller | Yes | Troutman Pepper Hamilton |