M&A · Financials · Savings Institution, Federally Chartered
New York Community Bancorp, Inc. to acquire Flagstar Bancorp Inc
Announced Apr 26, 2021 · Closed Dec 1, 2022
Deal value$2.60B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$48.14 per share
Transaction
- Acquirer
- New York Community Bancorp, Inc.
- Target
- Flagstar Bancorp Inc
- Buyer type
- Strategic
- Offer price per share
- $48.14
- Enterprise value
- —
- Status
- Closed Dec 1, 2022
Deal protections
- Break fee (target pays)
- $90.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler, Goldman Sachs
- To the target
- Morgan Stanley, Jefferies
- Piper Sandler fee
- $13.0M
- Morgan Stanley fee
- $18.2M
Sector context · Financials
- Comparable deals
- 23 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- 3.5% vs. 3.7% sector median
Timeline
- AnnouncedApr 26, 2021
- Proxy filedJun 25, 2021
- Definitive proxyJun 25, 2021
- Shareholder voteAug 4, 2021
- ClosedDec 1, 2022
Valuation · fairness opinions
Precedent transactionsPiper Sandler$9.38$17.21
Precedent transactionsPiper Sandler$11.14$17.46
Precedent transactionsPiper Sandler$26.10$55.45
Precedent transactionsPiper Sandler$41.17$73.40
Precedent transactionsPiper Sandler$34.12$72.82
Future share priceGoldman Sachs$39.66$51.90
Future share priceGoldman Sachs$48.49$54.75
Future share priceGoldman Sachs$50.68$67.46
Future share priceGoldman Sachs$14.94$17.44
Future share priceGoldman Sachs$16.37$18.03
Offer $48.14
Implied value per Flagstar Bancorp Inc share by analysis, from Piper Sandler and Goldman Sachs · DCF discount rate 8%–13%.