Wachtell, Davis Polk Guide $6B Bank Merger

Law360 (January 27, 2020, 10:00 AM EST) -- South State Corp., led by Wachtell, and CenterState Bank Corp., advised by Davis Polk, unveiled plans Monday for a $6 billion merger aimed at creating a top Southeastern regional bank. 

The all-stock deal calls for the parent companies to combine in a so-called merger of equals in order to unite South Carolina-based South State Bank and Florida-based CenterState Bank, according to a joint statement. 

The terms of the deal will see each CenterState share exchanged for 0.3001 of a share of South State common stock, the banks said. CenterState shareholders will own about 53% of the combined company, while South State...

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