Report: Simmons Firsts $53.6M Bid for MNB Approved

A U.S. Bankruptcy Court judge has approved a $53.6 million bid by Simmons First National Corp. of Pine Bluff to acquire Metropolitan National Bank of Little Rock from Rogers Bancshares Inc., according to a report from Arkansas Business in Little Rock.

Thursday’s hearing marked the first time Simmons First’s $53.6 million offer, more than three times the initial bid by a Dallas investment fund, was publicly revealed.

Thursday’s hearing was devoted to an authentication and court approval of an auction held Monday in North Little Rock, which went through 19 rounds of bidding, according to information disclosed in court.

Simmons plans to discuss the merger in an analyst conference call at 4 p.m., according to the report.

Simmons’ offer beat out competitors Arvest Bank of Fayetteville and Ford Financial Fund II of Dallas, the “stalking horse” bidder that had the chance to match any other bids.