SWS Group Inc. Hilltop Holdings (24% holder) Proposes To Acquire SWS Group for $7.00/shr
- Hilltop Holdings submitted a written proposal to the SWS Group's board to acquire all of the outstanding shares of SWS that it does not already own for $7.00 per share in 50% cash and 50% Hilltop common stock. In 2011, Hilltop invested $50 million in SWS in the form of a senior unsecured loan. At the time of Hilltops investment, Hilltops Chairman, Gerald J. Ford, joined the Board of Directors of SWS and Hilltops President and Chief Executive Officer, Jeremy B. Ford, became a non-voting observer to the SWS board. In conjunction with Hilltops investment in SWS, SWS issued Hilltop a warrant to purchase 8,695,652 common shares of SWS at an exercise price of $5.75 per share. Hilltop currently beneficially owns 24% of SWS common stock, inclusive of the warrant.