M&A · Financials · State Commercial Banks
Wintrust Financial Corp to acquire Macatawa Bank Corp
Announced Apr 15, 2024 · Closed Aug 1, 2024
Deal value$510M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$14.85 per share
Transaction
- Acquirer
- Wintrust Financial Corp (WTFC)
- Target
- Macatawa Bank Corp (MCBC)
- Buyer type
- Strategic
- Offer price per share
- $14.85
- Enterprise value
- —
- Status
- Closed Aug 1, 2024
Deal protections
- Break fee (target pays)
- $20.4M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $6.6M
Sector context · Financials
- Comparable deals
- 54 in the prior 24 months
- Premium
- Sector median 32.0%
- EV / Adj. EBITDA
- Sector median 16.2x
- Break fee
- 4.0% vs. 3.0% sector median
Timeline
- AnnouncedApr 15, 2024
- Proxy filedJun 18, 2024
- Definitive proxyJun 18, 2024
- Shareholder voteJul 31, 2024
- ClosedAug 1, 2024
Valuation · fairness opinions
Trading comparables$9.18$11.66
Trading comparables$9.09$11.65
Discounted cash flow$10.54$12.97
Discounted cash flow$12.19$14.84
Precedent transactions$14.14$16.62
Offer $14.85
Implied value per Macatawa Bank Corp share by analysis, from Morgan Stanley.