Home BancShares, Inc. (NYSE:HOMB) (“Home” or “the Company”), the parent company of Centennial Bank today announced it has received approval from the Arkansas State Banking Board and the Arkansas State Bank Commissioner of its applications for the previously announced merger with Happy Bancshares, Inc. (“Happy”).
On December 15, 2021, the shareholders of Home voted to approve the issuance of common stock in the acquisition of Happy. In addition, on December 15, 2021, the shareholders of Happy voted to approve the Agreement and Plan of Merger. The acquisition is expected to close in the first quarter of 2022, subject to Federal Reserve Board approval.
“In the last 90 days we have gained shareholder approval from both Happy Bancshares and Home BancShares shareholders, as well as approval from the Arkansas State Bank Department. At this stage, we are just waiting for Fed approval and are hopeful to close in Q1 of 2022,” said John Allison, Chairman.
Under the terms of the agreement, Happy Bancshares shareholders upon closing of the merger will receive 2.17 shares of Home BancShares stock for each share of Happy Bancshares they own and will be entitled to begin receiving quarterly dividends declared by Home BancShares. Based on a volume-weighted average closing price per share of Home BancShares stock of $24.05 during the 20-trading-day period ending on November 1, 2021, the per share consideration value is $52.19 and the aggregate transaction value is approximately $1.02 billion.
