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Article: Oak Hill Financial, Inc. and Towne Financial Corp. Sign Merger Agreement.
- Article from:
- PR Newswire
- Article date:
- March 11, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JACKSON and BLUE ASH, Ohio, March 11 /PRNewswire/ -- Oak Hill Financial, Inc. (Nasdaq: OAKF) and Towne Financial Corp. (OTC: TOFI) jointly announced today the signing of a definitive agreement for the acquisition of Towne Financial by Oak Hill.
Under the terms of the agreement, Oak Hill will exchange 4.125 shares (the "Exchange Ratio") of its common stock for each of the 222,100 shares of Towne Financial stock. Based on the average of Oak Hill's closing bid and asked price of $19.22 on March 10, 1999, the transaction would be valued at $79.28 per share of Towne Financial stock, or approximately $17.6 million.
The merger, which will be accounted for as a ...