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Hey Trustmark! Not so fast my friend …

October 20th, 2010 Comments off

In a story MBJ banking reporter Ted Carter reported today, Trustmark Bank wasn’t as in the dark about the potential reversal of intentions of Cadence Bank a couple of weeks ago …

According to the proxy statement Cadence Bank filed with the U.S. Securities & Exchange Commission Wednesday, there is a lot more to the story.

Read Ted’s story for more information.

STARKVILLE — A proxy statement Cadence Bank filed with the U.S. Securities & Exchange Commission Wednesday sheds new light on one of the most high-profile reversals of the year – Cadence’s scrapping of a publicly announced “definitive” agreement to be acquired by Trustmark National Bank of Jackson in favor an offer by Houston banking investment group Community Bancorp LLC.
Executives of Starkville-based Cadence say a take-it-or-leave-it deadline set by Trustmark National on an acquisition offer led the bank’s and its board to prematurely reject an offer by rival suitor Community Bancorp Corp.

The proxy statement details the offers and counter offers that led to the jilting of Trustmark and its previously accepted offer of $20.62 per share of Trustmark shares. The transaction was valued at approximately $23.8 million, or $2 per Cadence common share.