DNB Financial: S&T Bancorp (STBA) will acquire DNBF in an all-stock transaction - DNBF is halted
- The cos jointly announced today the signing of a definitive merger agreement pursuant to which S&T will acquire DNB in an all-stock transaction. DNB shareholders will receive 1.22 shares of S&T stock for each share of DNB stock. Based on S&T's June 4, 2019 closing price of $38.75 per share, the transaction will have an aggregate value of approximately $206 million, or $47.28 per share. The merger will expand S&T's footprint into Southeastern Pennsylvania, gaining a new presence in Chester, Delaware, and Philadelphia counties. On a combined basis, S&T will have approximately $8.4 billion in total assets.
- S&T expects the merger to be accretive to earnings per share in 2020. S&T and DNB expect to complete the transaction during the fourth quarter of 2019 after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of DNB. To have call tomorrow at 10:30 a.m. ET.