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UMB Financial Is Down After Largest Acquisition In Its 111-Year History - Here's Why
UMB Financial Corporation (NASDAQ:UMBF) shares are trading lower after it inked an acquisition deal, priced an underwritten offering, and reported first-quarter FY24 results.
M&A: The company inked a definitive merger deal to acquire Heartland Financial, USA Inc. (NASDAQ:HTLF) in an all-stock transaction valued at around $2.0 billion.
As per the terms, Heartland shareholders will receive a fixed exchange ratio of 0.55 shares of UMB common shares for each share of HTLF stock they hold.
The per-share price consideration is valued at $45.74 per share based on UMB’s closing price of $83.17 on April 26.
This transaction, the largest in UMB’s 111-year history, will result in the company ...