Susquehanna Bancshares is acquiring all the outstanding shares of Pennsylvania-based Tower Bancorp. The financial services holding company will pay a total of $343 million in a stock and cash for the acquisition. The transaction, which has been approved by the board of directors of both companies, is scheduled to be completed in the first quarter of 2012.
As a part of the deal, shareholders of Tower will get 3.4696 shares of Susquehanna for $28 per unit, while $88 million will be received in cash. Chairman and CEO of Tower Andrew Samuel will become president and chief revenue officer of Susquehanna. The buyer was financially advised by JP Morgan Securities, while Tower was represented by Keefe, Bruyette & Woods.
