Seeking Alpha

Old National buying United Bancorp in $170M deal

  • Shareholders of United Bancorp (UBMI) will receive 0.70 shares of Old National (ONB) common stock and $2.66 in cash for each share of United Bancorp stock. Based on Monday's $15.02 close for Old National, the deal is worth $13.17 to United shareholders vs. the current price of $7.50 - a 74% premium. Community bank rollup fans take note.
  • Press release
This was corrected on 01/08/2014 at 11:01 AM.
Comments (2)
  • rambler1
    , contributor
    Comments (584) | Send Message
     
    2 times book value a nice premium we haven't seen in years.
    8 Jan 2014, 08:55 AM Reply Like
  • dominickrichert
    , contributor
    Comment (1) | Send Message
     
    Looks to be an error in using the UBCP symbol as the company being taken over.
    8 Jan 2014, 10:34 AM Reply Like
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