M&A · Financials · Savings Institution, Federally Chartered
Lakeland Bancorp Inc to acquire 1ST Constitution Bancorp
Announced Jul 12, 2021 · Closed Jan 6, 2022
Deal value$242M
Premium14.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$23.53 per share
Transaction
- Acquirer
- Lakeland Bancorp Inc
- Target
- 1ST Constitution Bancorp
- Buyer type
- Strategic
- Offer price per share
- $23.53
- Enterprise value
- —
- Status
- Closed Jan 6, 2022
Deal protections
- Break fee (target pays)
- $9.0M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Raymond James
Sector context · Financials
- Comparable deals
- 39 in the prior 24 months
- Premium
- 14.0% vs. 45.7% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.7% vs. 3.7% sector median
Timeline
- AnnouncedJul 12, 2021
- Proxy filedOct 20, 2021
- Definitive proxyOct 20, 2021
- Shareholder voteDec 3, 2021
- ClosedJan 6, 2022
Valuation · fairness opinions
Discounted cash flow$16.56$21.67
Offer $23.53
Implied value per 1ST Constitution Bancorp share by analysis, from Stifel · DCF discount rate 9.5%–13.5%.