OABC shareholders will receive 0.4459 shares of Southside common stock, plus $13.125 in cash for each share of OABC they own. Based on Southside's closing price of $30.46 (before the deal was announced), this values each OmniAmerican share at $26.71, or a total value of $307M.
Southside expects the deal to be accretive to earnings in the first full year after closing.
Kudos to SA Pro's Unconventional Capital Wisdom who seven weeks ago suggested an overcapitalized OABC would make an attractive takeover target. Today's offer, though, is well-below the 1.5x-1.6x book value, or $31-$33 per share the author posited as a possible buyout price.