Bracewell, Manatt Lead $273M Merger Of Calif., Texas Banks

Law360, New York (September 19, 2013, 2:22 PM EDT) -- East West Bancorp Inc. will acquire smaller MetroCorp Bancshares Inc. for about $273 million in cash and stock, creating a lender with $25 billion in assets and locations in Texas, California and China, the banks said Thursday.

For each share of MetroCorp, East West will pay the lesser of $14.60 in cash and 1.72 times per-share tangible value. The optionality lets East West account for any changes in MetroCorp's book value between signing and closing, which is expected to be early next year. Two-thirds of the...
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