Huntington to acquire FirstMerit

COLUMBUS

Huntington Bancshares Inc. and FirstMerit Corp. jointly announced in Tuesday the signing of a definitive merger agreement under which Ohio-based FirstMerit Corp., the parent company of FirstMerit Bank, will merge into Huntington in a stock and cash transaction. Based on the closing price of Huntington’s common shares on Jan. 25, 2016 of $8.80, the total transaction value is about $3.4 billion, including outstanding options and other equity-linked securities.

Shareholders of FirstMerit will receive 1.72 shares of Huntington common stock, and $5 in cash, for each share of FirstMerit common stock. The per share consideration is valued at $20.14 per share based on the closing price of Huntington common stock on Jan. 25, 2016.

The transaction is expected to be completed in the third quarter of 2016, subject to the satisfaction of customary closing conditions.