EverBank's Stock Surges After Buyout Deal With TIAA

By Tomi KilgoreMarketsMarketWatch Pulse

EverBank Financial Corp.'s stock surged 2.8% in premarket trade Monday, after the bank agreed to be acquired by financial services company TIAA in a deal valued at about $2.5 billion. Under terms of the deal, TIAA will pay $19.50 per share in cash for each EverBank share outstanding, representing a 4.6% premium to Friday's closing price of $18.64. The deal, which is subject to regulatory approvals, is expected to close in the first half of 2017. "We look forward to introducing our unique consumer and commercial banking products to the millions of individuals and the institutions that TIAA serves today, while enhancing the investment and retirement product offerings for our clients," said EverBank Chief Executive Rob Clements. EverBank's stock has run up 23% over the past month, while the SPDR Financial Select Sector ETF has climbed 4.8% and the S&P 500 has gained 2.5%.

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