Wheeling, W.Va.-based WesBanco Inc. was among the parties contacted for the exploration of a potential deal with Huntington, W.Va.-based First Sentry Bancshares Inc.
WesBanco and three other financial institutions submitted initial indications of interest by Sept. 28, but only three were admitted to pursue an additional round of due diligence.
Three final indications of interest were received Oct. 27. The proposals of WesBanco and another company were similar with respect to the value of the consideration offered. The proposal of the third company was significantly less and was eliminated from further consideration.
The First Sentry board reviewed the financial performance, stock performance, market position, and growth prospects of WesBanco and the other suitor. The board also looked at the trading volume of each company's stock, historical experience in consummating deals and proposed plans with respect to First Sentry's employees and communities. The board then determined that WesBanco presented the most attractive proposal for First Sentry's shareholders.
WesBanco and First Sentry executed the definitive merger agreement after the markets closed Nov. 13.
