ACBI - Atlantic Capital inks merger deal with SouthState valued at ~$542 million

Zhanna Hapanovich/iStock via Getty Images Atlantic Capital (ACBI) will merge with SouthState (SSB) in an all-stock transaction with an aggregate value of ~$542 million, or $26.43 per share of Atlantic Capital common stock. The offer price per share represents a premium of ~11% over ACBI's closing share price on July 22, 2021. As per the terms, Atlantic Capital shareholders will receive 0.36 shares of SouthState common stock for each outstanding share of Atlantic Capital common stock. Based on SouthState's stock price of $73.42 as of July 22, 2021, this equates to a per-share value of $26.43 (about $542 million). Additionally, two Atlantic Capital directors will join both the Company board and the SouthState Bank board. The transaction is expected to result in 3% EPS accretion on a fully phased in basis and minimal tangible book value dilution, which is expected to be earned back in two years. The deal has been unanimously approved

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Atlantic Capital inks merger deal with SouthState valued at ~$542 million