India, July 13 -- First Hawaiian, Inc. (FHB) shares fell 3.78 percent to $28.99 on Monday after the bank announced an agreement to acquire TriCo Bancshares in an all-stock transaction, a deal that will create a combined institution with approximately $34 billion in assets.
The stock opened at $27.99 after closing at $30.13 in the previous session on the Nasdaq. It traded between $27.30 and $29.00 during the session, with 2.82 million shares changing hands, compared with an average daily volume of 1.73 million shares.
Under the agreement, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valuing TriCo at $63.12 per share based on First Hawaiian's July 10 closing price. The transaction is expected to close by...