Magna Stock Rises on Acquisition News

The stock of Midwestern bank company Magna Group jumped more than 20% after the company said it agreed to be acquired by Union Planters Corp. in a deal valued at $2.3 billion. The deal would create one of the largest regional bank holding companies in the United States, the companies said. Under terms of the definitive agreement, Memphis-based Union Planters will trade 0.9686 share of its common stock for each share of Brentwood, Mo.-based Magna Group. The companies put the value of the transaction at about $2.3 billion, or $61.45 per Magna common share. Magna shares jumped $10.56 to close at $57.50 on the New York Stock Exchange. Union Planters fell $2.13 to $60.31, also on the NYSE.