Valley National Makes Second Deal in Florida With Acquisition of CNLBancshares

NEW YORK ( TheDeal) -- Valley National Bancorp (VLY) the Wayne, N.J.-based bank holding company said Wednesday it would acquire Orlando, Fla.-based CNLBancshares  (CNLB) in a deal valued at $207 million.

The transaction is priced at 155% of CNL Bancshares' tangible book value, the announcement said. The target bank shareholders will receive 0.75 of a share of Valley National common stock for each CNLBancshares share owned, which is subject to adjustment if Valley's average stock price trades below $8.80 or above $10.13 before closing.

Read more from:

If you liked this article you might like

Exelon, Valley National Bancorp, Skyworks Solutions: 'Mad Money' Lightning Round

The Real Trump Trade May Be Gold: Cramer's 'Mad Money' Recap (Tuesday 4/11/17)

Bullish and Bearish Reversals for This Week

'Mad Money' Lightning Round: Jim Cramer Focuses on Airline, Bank Stocks

Jim Cramer's 'Mad Money' Recap: Don't Miss This Rotation Back Into the Nasdaq