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International Bancshares Corp. has launched its tender offer for National Bancshares Corp. of Texas (NBC).
The Laredo-based lender is set to pay $24.75 per share of NBC common stock under the agreement announced July 31.
The offer will expire Sept. 7, unless extended, and is conditioned on NBC investors tendering at least two-thirds of the shares of outstanding common stock, according to a recent Securities and Exchange Commission (SEC) filing.
The San Antonio-based banking company had nearly 3.8 million shares outstanding as of May 6. While IBC would pay $93.3 million for those shares, the total purchase price -- accounting for NBC warrants and …