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Shareholders approve Horizon and Heartland merger

Shareholders have approved the merger between Horizon and Heartland.

29 June 2012

Merger and acquisition advisors at Heartland Bancshares might be pushing ahead with the firm's proposed combination with Horizon Bancorp, following news that Heartland's stockholders have approved the merger agreement,

During a special shareholders meeting in the district of Franklin in Indian on June 27th, a green light was given to the tie-up.

Both firms have now stated that it is likely the merger will become effective around the date of July 17th, subject to the satisfaction of the merger prospectus and proxy statement's closing conditions.

Previously, chief executive officer and president of Horizon Craig Dwight explained the firm is "enthusiastic" about its potential for growth in central Indiana following the transaction.

"Horizon anticipates the acquisition will be accretive to earnings per share after transaction costs," he added.

Shareholders of Heartland will not have to pay tax on the exchange of shares required in the merger and the total value of the deal is approximately $14 million, based on the value of Heartland's 1,442,727 outstanding shares of common stock.

Posted by David Gleck

Source: Heartland press release, June 28th

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