Under the terms of the plan of merger, FNB shareholders will receive for each share of FNB common stock they hold, at their election, either $45.35 in cash, 1.87 shares of Southern common stock or a combination of both cash and stock.
All elections are subject to an allocation adjustment to ensure that 50% of the outstanding shares of FNB common stock are converted into the right to receive cash and 50% of the outstanding shares of FNB common stock are converted into the right to receive Southern common stock.
The total value of the transaction is approximately $24.7 million and the companies expect to complete the merger effective December 1, 2007.
