PremierWest Bank and AmericanWest Bank announced that PremierWest Bancorp (PRWT) and affiliates of AmericanWest Bank have entered into an amendment to the Agreement and Plan of Merger relating to the proposed merger of PremierWest Bancorp with an affiliate of AmericanWest Bank.
As per the revised terms, each outstanding share of PremierWest Bancorp common stock will be converted into the right to receive $2.00 in cash, which represents an additional $0.35 per share in cash consideration.
The additional consideration totals approximately $3.5 million in additional cash proceeds to the holders of PremierWest common stock, which represents an increase of approximately 21% from the prior proposal and represents a premium of approximately 32.5% over the $1.51 per share closing price of PremierWest common stock on October 26, 2012, the trading day immediately prior to the announcement of the merger agreement.
PremierWest Bancorp's board approved the amendment to the merger agreement and continues to recommend that PremierWest shareholders vote "FOR" the merger proposal.
PremierWest Bancorp's also adjourned Special Meeting will be reconvened on Thursday, March 28, 2013.
PRWT is currently trading at $1.96, up $0.3399 or 20.98 percent.
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