5+ what? I can see a 5¢/share or larger price decline from this announcement, but that's about it. You do realize that the vast majority of well run banks, which in my mind excludes Seacoast, trade at less than 2 times book value, which would be around $3/share for Seacoast. So how does a secondary capital raise of $75 million at $2.15/share on a stock that is already traiding high relative to its book value multiple get you to $5/share? It's posts like these that confirm my belief in the concept of an imperfect market and the old saying that there's a sucker born every minute. Good luck loading up on this dog - maybe you can buy a bunch of the $2.15 shares issued in the secondary capital raise. If I were you I'd take the funds you were going to use to buy Seacoast and head to Vegas for the weekend - the outcome would probably be about the same but at least you'd have some fun.
I don't think it's going to happen, at least not for a while. SBCF is already trading north of book value, and most bank M&A deals recently have been in the 1.2 to 1.4 times book, so there just isn't much up side from here. Also, the branch network, which is their crown jewel, doesn't carry a big deposit premium in a bank sale right now becuase most banks are flush with deposits. I wouldn't be the least bit surprised if nothing happend to SBCF for two more years at a minimum. This is a very long hold in my opinion.