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Horizon Bancorp shareholders to sell roughly $103M common shares

Michigan City, Ind.-based Horizon Bancorp Inc. filed a shelf registration statement for the sale of up to 6,563,697 common shares by selling shareholders.

Based on Horizon's last reported price of $15.65 per share, the gross proceeds from the sale will be approximately $102.7 million.

The selling shareholders acquired the shares from the company in connection with its merger with Indianapolis-based Salin Bancshares Inc. that was completed March 26.

Horizon will not receive any of the proceeds from the sale of shares by the selling shareholders.