On December 22, Hancock Holding Company HBHC executed a definitive agreement to merge with Whitney Holding Corporation WTNY, whereby HBHC will issue 0.418 shares of its stock to WTNY holders, Sterne Agee reports.
“The premium of 42% is high, but not unbelievable given the beaten-down nature of WTNY's valuation and performance over the past couple of years,” Sterne Agee writes.
“With one less competitor in a consolidated market like LA, pricing power should accrue to HBHC.”
Hancock Holding Company closed Wednesday at $34.58; Whitney Holding Corporation closed at $14.00.
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Posted In: Analyst RatingsFinancialshancock holding companyRegional BanksWhitney Holding Corporation
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