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$20M termination fee disclosed for Southwest Bancorp acquisition

Stillwater, Okla.-based Southwest Bancorp Inc. will have to pay a $20.0 million termination fee in the event it withdraws from its pending acquisition by Pine Bluff, Ark.-based Simmons First National Corp.

Terminating the roughly $564.4 million deal will need the approval of at least two-thirds of Southwest's board.

The fee may be waived under certain conditions, such as when the average price of Simmons' common stock — for 20 consecutive trading days ending on and including the 10th day preceding the closing — falls below $39.66.