Commercial Holding Company, Inc. (“Commercial”), the parent company of Commercial Bank & Trust Company, and Renasant Corporation (NYSE: RNST) (“Renasant”) jointly announced the signing of a definitive merger agreement under which Commercial will merge with and into Renasant.
Olsen Palmer LLC served as financial advisor and issued a fairness opinion to Commercial Holding Company, Inc.
Under the terms of the merger agreement, Commercial shareholders will receive 0.8798 shares of Renasant common stock for each share of Commercial common stock. Coupled with a special cash dividend of approximately $35.7 million, the aggregate transaction value is approximately $145 million, based on Renasant’s closing stock price.
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