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On 04/05/01, it was announced that SouthTrust, a Birmingham, Alabama-based bank holding company, had made an offer to acquire Cenit Bancorp, a Virginia-based bank holding company, in a share deal worth USD 117 million. The offer is 1.14 SouthTrust shares for each Cenit share. This values each Cenit share at USD 26.44, based on the closing price of SouthTrust of USD 23.19 per share on 03/05/01. The offer represents a bid premium of 65.25 per cent over the closing price of Cenit of USD 16.00 on 03/05/01.
On 03/08/01, it was announced that the deal had received regulatory and shareholder approval and had closed successfully.
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