MEMPHIS, Tenn., Dec. 07, 2017 (GLOBE NEWSWIRE) -- First Horizon National Corporation (NYSE:FHN) (“First Horizon”) today announced the final merger consideration election and allocation results for its acquisition of Capital Bank Financial Corp. (“Capital Bank Financial”), which was completed effective November 30, 2017.
Under the terms and conditions of the merger agreement relating to the acquisition, at the effective time of the merger, each share of Capital Bank Financial common stock was converted into the right to receive either $40.573 in cash or 2.1732 shares of First Horizon common stock, at the election of the holder of such share of Capital Bank Financial common stock, subject to procedures applicable to oversubscription and undersubscription for cash consideration set forth in the Merger Agreement.
Pursuant to the allocation provisions set forth in the merger agreement, approximately 10,118,435 shares of Capital Bank Financial common stock were converted into the right to receive cash in the amount of $40.573 per share and the remaining shares were converted into the right to receive 2.1732 shares of First Horizon common stock per share.
Holders of approximately 42 percent of the outstanding Capital Bank Financial shares of common stock elected to receive cash, and the balance elected to receive First Horizon common stock or made no election. Accordingly, Capital Bank Financial stockholders who validly elected to receive the cash consideration will receive, subject to rounding as set forth in the merger agreement (which may result in the payment of cash in lieu of fractional shares), 46.121098 percent of the merger consideration payable to them in cash and the remaining 53.878902 percent in First Horizon common stock. Capital Bank Financial stockholders who validly elected to receive the stock consideration or made no election will receive the merger consideration payable to them solely in the form of First Horizon common, and, if applicable, cash in lieu of fractional shares based on a closing price of $18.67 per share of First Horizon common stock. Pursuant to the merger agreement, the closing price was calculated based on the average of the closing sale prices of a share of First Horizon common stock for the ten full trading days from November 14, 2017 through November 29, 2017, but excluding November 24, 2017 which was not a full trading day.
About First Horizon
First Horizon National Corp. (NYSE:FHN) provides financial services through its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial businesses. First Horizon operates 350 bank locations across the southern U.S. and 28 FTN Financial offices across the entire U.S. Our banking subsidiary was founded in 1864 and has the 14th oldest national bank charter in the country. Our First Tennessee and Capital Bank brands have the largest deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth management group has more than 300 financial advisors and about $30 billion in assets under administration. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. We have been recognized as one of the nation’s best employers by Working Mother and American Banker magazines and the National Association for Female Executives. More information is available at www.FirstHorizon.com.
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CONTACT: First Horizon
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305