Hilltop Holdings Inc. said Friday that it wants to buy the rest of regional bank SWS Group Inc. it doesn't own for $7 per share. The deal would value SWS Group at about $231 million.
Hilltop Holdings, a Dallas-based financial holding company, said it owns a 24 percent interest in SWS Group's common stock. Hilltop Holdings owns PlainsCapital Corp., a bank franchise based in Texas. The company said the deal would complement its banking businesses.
SWS Group confirmed that it received an acquisition proposal and said that it will "review the proposal to determine the course of action that it believes is in the best interests of the company and its stockholders."
Shares of Dallas-based SWS Group jumped $1.24, or 20.5 percent, to $7.30 in morning trading Friday. Hilltop Holdings shares rose $1.71, or 7.3 percent, to $25.16.
- Investment & Company Information