Why Peoples Bancorp Stock Tanked Today
It's acquiring a peer in a deal valued at over $728 million.
Overview
Peoples Bancorp (NASDAQ: PEBO) is expanding through an acquisition, and the company's investors weren't happy about it. They expressed their displeasure by trading out of the regional bank's shares on Wednesday, and the stock closed that trading session down by almost 6%.
Before market open on Wednesday, Ohio-based Peoples and Capital Bancorp announced they had agreed to combine their businesses. Peoples will acquire its peer in an all-stock deal under which Capital investors are to receive 1.11 Peoples shares for each Capital share they own. The transaction is valued at just over $728 million.
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Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.