M&A · Financials · State Commercial Banks
QCR Holdings Inc to acquire Guaranty Federal Bancshares Inc
Announced Nov 9, 2021 · Closed Mar 31, 2022
Deal value$152M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- QCR Holdings Inc (QCRH)
- Target
- Guaranty Federal Bancshares Inc (GFED)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 31, 2022
Deal protections
- Break fee (target pays)
- $4.7M · 3.1%
- Reverse fee (buyer pays)
- $4.7M · 3.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
- Stifel fee
- $1.0M
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- Sector median 35.7%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- 3.1% vs. 3.6% sector median
Timeline
- AnnouncedNov 9, 2021
- Proxy filedFeb 9, 2022
- Definitive proxyFeb 9, 2022
- Shareholder voteMar 21, 2022
- ClosedMar 31, 2022
Valuation · fairness opinions
Discounted cash flow$23.96$36.77
Discounted cash flow$59.40$85.66
Implied value per Guaranty Federal Bancshares Inc share by analysis, from Stifel · DCF discount rate 10%–14%.