M&A

11 November, 2009

UPDATE 1-Simmons First stock offering priced at 4 pct discount

* Offering of 2.65 mln shares priced at $24.50/shr

* Expects $61.4 mln in net proceeds Nov 11 (Reuters) - Simmons First National Corp's (SFNC.O) public offering of about 2.65 million common shares was priced at $24.50 apiece, a 4 percent discount to their Tuesday close. The Arkansas-based financial holding company said it expects to use the net proceeds of about $61.4 million for general corporate purposes and possible future takeovers of other financial services businesses, including possible regulator-assisted acquisitions.

Simmons First said it has granted the underwriters an option to purchase up to an additional 397,500 shares of the company's common stock to cover any over-allotments.

Stephens Inc is the lead bookrunner for the offering, which is expected to close on or about Nov. 17.

Shares of the company closed at $25.60 on Tuesday on Nasdaq. (Reporting by Brenton Cordeiro in Bangalore; Editing by Aradhana Aravindan)

Source: http://www.reuters.com