Deals
BB&T to Buy Susquehanna for $2.5 Billion in Cash, Stock
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BB&T Corp., North Carolina’s second-largest lender, agreed to buy Susquehanna Bancshares Inc. for about $2.5 billion to expand in the Mid-Atlantic U.S. BB&T fell as much as 3.2 percent in New York.
Shareholders of Lititz, Pennsylvania-based Susquehanna will receive 0.253 share of BB&T common stock and $4.05 in cash for each share, BB&T said today in a statement. Based on BB&T’s closing price of $38.33 yesterday, the offer is worth about $13.75 a share, 39 percent more than Susquehanna’s $9.90 closing price. Calculated using BB&T’s average closing price over the 45 days ended Nov. 10, the deal is worth $13.50 a share.