M&A · Financials · State Commercial Banks
Bank of Marin Bancorp to acquire American River Bankshares
Announced Apr 19, 2021 · Closed Aug 6, 2021
Deal value$135M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$22.46 per share
Transaction
- Acquirer
- Bank of Marin Bancorp (BMRC)
- Target
- American River Bankshares
- Buyer type
- Strategic
- Offer price per share
- $22.46
- Enterprise value
- —
- Status
- Closed Aug 6, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 21 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedApr 19, 2021
- Proxy filedJun 28, 2021
- Definitive proxyJun 28, 2021
- Shareholder voteJul 28, 2021
- ClosedAug 6, 2021
Valuation · fairness opinions
Discounted cash flowStifel$29.64$42.25
Discounted cash flowStifel$19.08$28.23
Precedent transactionsPiper Sandler$8.71$18.67
Precedent transactionsPiper Sandler$10.24$19.10
Precedent transactionsPiper Sandler$22.51$43.99
Precedent transactionsPiper Sandler$24.07$46.91
Offer $22.46
Implied value per American River Bankshares share by analysis, from Stifel and Piper Sandler · DCF discount rate 10%–14%.