Shares of Southern Community Financial Corp. (NASDAQ: SCMF), holding company for Southern Community Bank and Trust, are soaring in trading today after Capital Bank Financial Corp. raised its takeover offer for the company by 8%. Capital Bank Financial also plans to pay for the acquisition wholly in cash.
Capital Bank has now offered to acquire Southern Community for $3.11 per share, above the previous offer of $2.875 per share. The latest offer values Southern Community at approximately $52 million.
SCMF shares rose to a new 52-week high of $3.04 in trading today, up 13.86% over the previous trading session. The stock has gained 16.4% in the last three trading sessions.