Pinnacle, Synovus dip on $8.6 bn merger; retail still bullish
Pinnacle and Synovus shares fell post-market after announcing an $8.6 billion all-stock merger, valuing Synovus at a 10% premium. Investors had hoped for higher bids from larger banks. Despite short-term weakness, Stocktwits sentiment remained bullish. The deal aims to dominate the fast-growing southeastern US banking market.