Pontiac Bancorp to Acquire Ottawa Bancorp in All-Stock Deal
OTTW sits 36% above its 52-week low of $13.6 on elevated volume (36× avg).
Summary
Pontiac Bancorp has agreed to acquire Ottawa Bancorp in an all-stock deal. The acquisition will likely command a premium to the current $18.5 share price, as the stock is trading near its 52-week high. The deal follows Ottawa's strong Q2 results, where net income doubled year-over-year. The key question for shareholders is the exchange ratio and any cash component, which will determine the actual premium. The transaction is subject to regulatory and shareholder approvals, with closing expected in the coming quarters.
At the time of this announcement, OTTW was trading at $18.50 on OTC in the Finance sector, with a market capitalization of approximately $57.7M. The 52-week trading range was $13.60 to $19.00. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.