Shares of Professional Holding Corp. (PFHD), the parent company of Professional Bank, are rallying more than 28% Monday morning on the news of its decision to be acquired by Seacoast Banking Corporation of Florida (SBCF) for about $488.6 million, in stock.
As per the agreement, Professional shareholders are to receive 0.8909 shares of Seacoast stock for each Professional stock they own.
The transaction value comes to nearly $488.6 million based on Seacoast’s closing price of $36.75 per share, as of August 5.
The deal is expected to be closed in the first quarter of 2023.
PFHD is at $29.86 currently. It has traded in the range of $17.45-$31.25 in the past 1 year.
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