Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Corporation
Target:
Heritage Financial Group, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/10/2014
Announcement Date:
12/10/2014
Announced Deal Value ($ M):
264.71
Status:
Completed
Completion Date:
7/1/2015
Announced Deal Value Per Share ($ )
27.58
Consideration Breakout
| Common Stock ($M) | 279.3 |
| Common Stock Issued | 8,635,879 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Book (%) | 158.33 | 179.92 |
| Price / Tangible Book (%) | 172.10 | 200.92 |
| Price / Earnings (x) | 24.62 | NM |
| Price / Deposits (%) | 19.74 | 21.07 |
| Price / Assets (%) | 15.08 | 15.46 |
| Tangible Book Premium/ Deposits (%) | 10.90 | NA |
Deal Terms
Description of Consideration
Renasant Corp. exchanged 0.9266 of its common stock for each outstanding share of Heritage Financial Group Inc. In addition, Renasant Corp. assumed debentures issued to Heritage Financial Statutory Trust I. of approximately $10.3 million from Heritage Financial Group Inc.
| Accounting Method | Acquisition |
| In-State Transaction? | No |
| Merger of Equals? | No |
| Geographic Expansion? | Partial Overlap |
| Goodwill Generated ($ 000) | 175,212 |
| Estimated Cost Savings (%) | 20.00 |
| Estimated Cost Savings ($ 000) | 13,354 |
| Est. Restructuring Charges ($ 000) | 30,000 |
| Maximum Termination Fee ($ 000) | 10,300 |
| Minimum Termination Fee ($ 000) | 0 |
| Exchange Ratio (Common For Common) | 0.926600 |
| 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) | 12,256 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Raymond James & Assoc. Inc. |
| Seller | Yes | Keefe Bruyette & Woods Inc. |
Legal Counsel
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Phelps Dunbar LLP |
| Seller | Yes | Alston & Bird LLP |