Katrina Undercuts Hibernia Bank Deal

• Posted by Geoffrey G. Gussis on September 8th, 2005


• Filed in Corporate/M&A

The impact of Katrina is already being felt in M&A circles, as the Bank Lawyer’s Blog points out:

"According to the Associated Press, Hurricane Katrina’s aftereffects include a renegotiation of the pending purchase of New Orleans-based Hibernia Bank by Capital One Financial Corp. The purchase was supposed to close today, but the closing has been postponed "until sometime in the fourth quarter." In addition, the purchase price has been cut by 9%, to $5 billion. Capital One shareholders must approve the revised deal."

Link: Bank Lawyer’s Blog: Katrina Undercuts Hibernia Bank Deal.