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First Horizon discloses merger consideration election results


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First Horizon discloses merger consideration election results

For Capital Bank Financial Corp.'s merger into First Horizon National Corp., approximately 42% of Capital's outstanding shares were voted in favor of a cash exchange.

Pursuant to terms in the deal agreement, those stockholders will accordingly receive 46.12% of the merger consideration payable to them in cash and the balance in common stock.

Those who elected to exchange their holdings for the acquirer's stock, meanwhile, will receive First Horizon stock entirely and, if applicable, cash in lieu of fractional shares.

Memphis, Tenn.-based First Horizon closed its acquisition of Charlotte, N.C.-based Capital Bank Financial on Nov. 30.