With only a few overlaps in the markets, there are no layoffs expected, bank officials said. Both banks' boards of directors have unanimously approved the deal, with Cadence shareholders receiving 0.70 shares of BancorpSouth for each Cadence share they own. In addition, Cadence shareholders will get a one-time special cash dividend of $1.25 per share once the merger is completed. The value to Cadence shareholders is about $3 billion, and the total market value of the combined company is pegged at $6 billion. BancorpSouth shareholders will own about 55% and Cadence shareholders will own approximately 45% of the combined company. BancorpSouth Chairman and CEO Dan Rollins will be the combined company's chairman and CEO, and Cadence CEO Paul Murphy will be executive vice chairman.