Conway, Ark.-based Home BancShares Inc. on Sept. 9 entered into anonbinding letter of intent to buy a bank holding company based in Florida. Thetarget has total assets of about $400 million, and Home BancShares is offeringa purchase price of $88.5 million — 20% in cash and 80% in stock.
The would-be acquirer notes that a deal, if one should beexecuted, is not likely to close until early 2017. Home BancShares has longbeen active in the Florida M&A scene, buying Florida Business BancGroup in 2015,BrowardFinancial and Florida Traditions Bank in 2014, in 2012 andVision Bank in2011.
Home BancShares further disclosed it expects to report an EPSof 30 cents to 31 cents for the quarter ending Sept. 30. That estimate includesthe impact of an approximately $3.9 million charge, pretax, in connection withthe early terminationof loss-share agreements with the FDIC.
Lastly, Chairman John Allison is selling 2,650,000 of thecompany's common shares that he holds. The shares are being offered to thepublic at a price of $22.00 per share, according to a Sept. 23 news release.
Net proceeds of the offering go to Allison, who will stillown at least 4.6% of Home BancShares after the sale. He will also continue toserve as chairman.
Stephens Inc. serves as the offering's sole book-runningmanager.