Southwest Missouri News--Monett

by Carol Harris, Branson area, and Mary Engler-Guccione, Joplin area

A multimillion dollar deal is complete in Monett.

Jack Henry and Associates Inc., a vendor of computer software and hardware for community banks throughout the United States, has completed the acquisition of Peerless Group Inc. in an all-stock transaction valued at approximately $40 million, according to a news release from Jack Henry.

Peerless shareholders overwhelmingly approved the transaction at a special stockholders meeting Dec. 16, the release said.

All common shares of Peerless stock will be converted to Jack Henry shares at the rate of 0.16145 Jack Henry shares for each Peerless share, and Jack Henry will assume all Peerless stock options. A total of 826,931 shares of Jack Henry stock will be issued. The transaction will be accounted for as a pooling of interests.