Stonegate Bank: Wide Spread, Narrow Risks [Seeking Alpha]
STONEGATE BANK COMMON (SGBK)
Last stonegate bank common earnings: 7/28 08:00 am
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US:NASDAQ Investor Relations:
stonegatebank.com/inv_stock.htm
Company Research
Source: Seeking Alpha
Summary Earlier this year on March 27, Centennial Bank, through its parent Home Bancshares ( HOMB ), announced an unsolicited bid for 100% of Stonegate Bank ( SGBK ) shares for $49 per share. Unlike a simple cash or fixed-ratio share deal, the consideration for this merger is cash and stock fixed at a value of $49 per SGBK share, subject to a pricing collar. SGBK currently trades with a wider spread than I believe it otherwise would because of this non-standard structure. Investors should consider taking a long position in SGBK to capture this spread, while hedging the unique risks that I will present. The excerpt below from the March 27 HOMB press release details the collar structure: Under the terms of the Agreement, shareholders of Stonegate will receive, in the aggregate, proceeds from the transaction of approximately $749.8 million, consisting of $50.0 million in cash and $699.8 million of Home common stock. In addition, the holders of outstanding stock options of
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