(Corrects paragraph 2 to say Union Bankshares' offer of 0.9354
was for each Xenith share, not Union share)
May 22 Union Bankshares Corp said on
Monday it would acquire rival Xenith Bankshares Inc in
an all-stock deal valued at $694.5 million, as the community
lender looks to expand into North Carolina and Maryland.
Richmond, Virginia based-Union Bankshares' offer of 0.9354
shares for each Xenith share translates to $29.67 per share and
is at a 10.4 percent premium to Xenith's Friday close of $26.87.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina