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WesBanco to merge with Your Community Bankshares in $221m deal

Staff writer ▼ | May 4, 2016
WesBanco and Your Community Bankshares announced that they have executed a plan for the merger of Your Community with and into WesBanco.
Merger   $7.70 per share for each share of Your Community common stock
Under the terms of the agreement and plan of merger, which has been approved by the board of directors of both companies, WesBanco will exchange a combination of its common stock and cash for Your Community common stock.

Your Community shareholders will be entitled to receive 0.964 of a share of WesBanco common stock and cash in the amount of $7.70 per share for each share of Your Community common stock for a total value of approximately $39.05 per share or $221 million in aggregate based on WesBanco's market close price of $32.52 on May 2, 2016.

The exchange ratio is based on the average closing prices of WesBanco common stock of $31.96 over the 10 day period ending on April 27, 2016. The merger is expected to qualify as a tax-free reorganization.

The transaction values Your Community at a price to March 31, 2016 tangible book value per share of 173%, a price to LTM earnings per share of 14.5 times, and a price to mean analyst estimated 2016 earnings per share of 13.7 times.