"CNB Bank Shares, Inc. to Merge with HBT Financial, Inc. in $170.2 Million Transaction"

"CNB Bank Shares, Inc. is set to merge with HBT Financial, Inc. in a transaction valued at approximately $170.2 million. Shareholders of CNBN can choose to receive either shares of HBT stock, cash, or a combination of both. Following the merger, CNBN shareholders will own about 15% of HBT's common stock, and two current CNBN directors will join HBT's Board. Barack Ferrazzano served as legal counsel for the merger."

Barack Ferrazzano Financial Institutions Group served as legal counsel to CNB Bank Shares, Inc. (CNBN) in its merger agreement with HBT Financial, Inc. (HBT). The transaction involves CNBN merging with and into HBT in a combined common stock and cash deal. Under the terms of the agreement, CNBN shareholders can choose to receive either 1.0434 shares of HBT’s common stock for each share of CNBN stock, $27.73 per share in cash, or a combination of both, subject to certain adjustments and provisions. The implied per-share purchase price is $25.92, with an aggregate transaction value of approximately $170.2 million. Following the merger, CNBN shareholders are expected to own about 15% of HBT’s outstanding common stock. Additionally, HBT has agreed to appoint current CNBN directors Jim Ashworth and Nancy Ruyle to its Board of Directors. The legal team from Barack Ferrazzano was led by Joseph T. Ceithaml, co-chair of the Financial Institutions Group, and associate Zoe Xiuha Uvin. Executive compensation and benefit matters were managed by partner Michael J. Poland and associate Alex Freund. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.

"CNB Bank Shares, Inc. to Merge with HBT Financial, Inc. in $170.2 Million Transaction"

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