M&A · Financials · Savings Institution, Federally Chartered
NBT Bancorp Inc to acquire Salisbury Bancorp, Inc.
Announced Dec 5, 2022 · Closed Aug 14, 2023
Deal value$204M
Premium11.6%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$34.47 per share
Transaction
- Acquirer
- NBT Bancorp Inc (NBTB)
- Target
- Salisbury Bancorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- $34.47
- Enterprise value
- —
- Status
- Closed Aug 14, 2023
Deal protections
- Break fee (target pays)
- $8.0M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Janney Montgomery Scott
Sector context · Financials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 11.6% vs. 32.0% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.9% vs. 3.6% sector median
Timeline
- AnnouncedDec 5, 2022
- Proxy filedMar 1, 2023
- Definitive proxyMar 1, 2023
- Shareholder voteApr 12, 2023
- ClosedAug 14, 2023
Valuation · fairness opinions
Trading comparables$43.23$64.42
Trading comparables$29.37$37.63
Other analysis$27.30$40.41
Other analysis$24.80$33.97
Other analysis$24.93$35.07
Offer $34.47
Implied value per Salisbury Bancorp, Inc. share by analysis, from Janney Montgomery Scott · DCF discount rate 11%–13%.