M&A · Financials · National Commercial Banks
Peoples Financial Services Corp. to acquire FNCB Bancorp, Inc.
Announced Sep 27, 2023 · Closed Jul 1, 2024
Deal value$129M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$6.44 per share
Transaction
- Acquirer
- Peoples Financial Services Corp. (PFIS)
- Target
- FNCB Bancorp, Inc. (FNCB)
- Buyer type
- Strategic
- Offer price per share
- $6.44
- Enterprise value
- —
- Status
- Closed Jul 1, 2024
Deal protections
- Break fee (target pays)
- $4.8M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Cedar Hill Advisors, D.A. Davidson
- To the target
- Stephens
Sector context · Financials
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- 3.7% vs. 3.0% sector median
Timeline
- AnnouncedSep 27, 2023
- Proxy filedJan 24, 2024
- Definitive proxyJan 24, 2024
- Shareholder voteMar 22, 2024
- ClosedJul 1, 2024
Valuation · fairness opinions
Other analysis$19.84$45.33
Other analysis$22.71$49.69
Other analysis$18.55$46.32
Other analysis$3.35$7.26
Other analysis$3.69$7.69
Offer $6.44
Implied value per FNCB Bancorp, Inc. share by analysis, from D.A. Davidson · DCF discount rate 10%–15%.