BB&T to Buy McGriff, Seibels: Makes 6th Largest Brker

BB&T Insurance Services, in its largest acquisition ever, yesterday said it plans to buy McGriff, Seibels & Williams Inc. of Birmingham, Ala. The transaction, approved by the directors of BB&T Corporation and McGriff, Seibels & Williams, includes $304 million in stock based on BB&T's closing price of $38.84 on Nov. 10, and $50 million in cash. BB&T will issue between 7.83 million and 8.65 million shares based on BB&T's average closing price during a pricing period prior to closing. The transaction also allows for a total "earnout" payment to McGriff, Seibels & Williams' shareholder...