Day Pitney Guides $207M Purchase of CNLBancshares

Law360, New York (May 27, 2015, 8:57 PM EDT) -- New Jersey-based Valley National Bancorp has bought Florida-based CNLBancshares Inc. for $207 million in a tax-free transaction guided by Day Pitney LLP, the companies said Wednesday.

Under the merger agreement, CNLBancshares shareholders will receive three-quarters of a share of Valley National common stock for each CNLBancshares share they own, a percentage that is subject to adjustment if Valley's average stock price falls below $8.80 or rises above $10.13 before closing.

"The proposed acquisition of CNLBancshares further demonstrates our commitment to prudently deploy our resources to supplement the recent organic growth in our Florida market," said Valley National chairman and CEO Gerald...

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