M&A · Financials · State Commercial Banks
First Bancorp to acquire Select Bancorp, Inc.
Announced Jun 1, 2021 · Closed Oct 18, 2021
Deal value$314M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$18.53 per share
Transaction
- Acquirer
- First Bancorp (FBNC)
- Target
- Select Bancorp, Inc. (SLCT)
- Buyer type
- Strategic
- Offer price per share
- $18.53
- Enterprise value
- —
- Status
- Closed Oct 18, 2021
Deal protections
- Break fee (target pays)
- $11.5M · 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
- 30 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.7% vs. 3.7% sector median
Timeline
- AnnouncedJun 1, 2021
- Proxy filedJul 28, 2021
- Definitive proxyJul 28, 2021
- Shareholder voteSep 17, 2021
- ClosedOct 18, 2021
Valuation · fairness opinions
Discounted cash flow$38.72$54.44
Discounted cash flow$20.89$29.79
Offer $18.53
Implied value per Select Bancorp, Inc. share by analysis, from Stifel · DCF discount rate 8%–12%.