BUZZ-WaFd slips after unveiling $3.9 billion reverse merger with EverBank
WAFD•Deal outlook and listing plans
For WAFD shareholders, the deal is expected to boost 2027 profit by roughly 29% and pave the way for return on tangible common equity — a closely watched profitability target — of roughly 15%.
"Near-term investor focus will likely be on the sustainability of this improved outlook, and we recognize that 'deal stocks' typically do not get full multiple credit on day 1 due to risks and noise related to the merger/integration," says brokerage KBW.
After the deal closes, WAFD will change name to EverBank Financial and trade on Nasdaq under the symbol "EVBK".
The deal provides the private-equity sponsors of EverBank a path to public listing and potential eventual exit in coming years.
As of last close, WAFD shares were up 13.3% year to date.
WaFd shares fall after reverse merger announcement
Regional lender WaFd's WAFD.O shares fall 6.5% to $33.95.
WAFD late Monday unveiled a $3.9 billion reverse merger with Florida-based EverBank Financial, creating a combined U.S. bank with roughly $75 billion in assets.
