Hancock Whitney shares fall after $3.2 billion Trustmark deal
TRMK•Hancock Whitney shares fell 11% to $64 after it agreed to buy Trustmark in an approximately $3.2 billion all-stock deal; Trustmark shares rose 4.5% to $47. Trustmark shareholders will receive 0.7463 Hancock Whitney shares for each share held.
1. Share reaction
Hancock Whitney agreed to buy Trustmark in an approximately $3.2 billion all-stock deal. Hancock Whitney shares fell 11% to $64, while Trustmark shares rose 4.5% to $47. Trustmark shareholders will receive 0.7463 Hancock Whitney shares for each Trustmark share held.
2. Analyst comments
Stephens analyst Matt Olney said the timing was somewhat surprising, given Hancock Whitney had just closed its One Florida Bank acquisition and deployed a considerable portion of its excess capital.
