Saehan Bancorp (SAEB) shareholders have more time to decide on how they get paid in the buyout by Los Angeles rival Wilshire Bancorp (WIBC).
Shareholders of the $548 million-asset Saehan now have until Friday to express a preference for shares of Wilshire common stock, cash or a combination of the two, according to press release Monday.
The $2.8 billion-asset Wilshire agreed to buy Saehan for $105 million in cash and stock in July. The deal is expected to close around Nov. 20.
Based on the closing price of $8.97 for Wilshire common stock on Friday, a shareholder holding 100 shares of Saehan common stock would receive a merger consideration of:
- $54.54, for an all-stock selection,
- $42.47 for an all-cash payment, or
- $48.50 for the designated mix of stock and cash.
However, some shareholders might not be granted their preference "as there is a fixed amount of cash and Wilshire common stock available in the merger transaction," the press release says. "The actual form and mix of consideration received by the shareholder will be dependent on the elections (and non-elections) of all other shareholders."