Hanmi Financial offers to merge with BBCN, shares halted
Shares of Hanmi Financial Corp. and BBCN Bancorp were halted in the extended session Monday after Hanmi offered to acquire BBCN in an all-stock deal to create what it called the largest Korean-American banking franchise. Shares of Hanmi were halted at $27.25, and shares of BBCN were halted at $18.16. Under the offer, Hanmi is proposing 0.7331 of a share for each share of BBCN, or about $19.98 a share. "Based on this proposal, upon closing of the transaction BBCN stockholders would represent approximately 65% of the combined company's stock ownership and Hanmi stockholders would represent 35%," Hanmi said, adding that the composition of the board would reflect these percenatges.
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