M&A · Financials · National Commercial Banks
Peoples Bancorp Inc to acquire Limestone Bancorp, Inc.
Announced Oct 25, 2022 · Closed May 1, 2023
Deal value$208M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Peoples Bancorp Inc (PEBO)
- Target
- Limestone Bancorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 1, 2023
Deal protections
- Break fee (target pays)
- $8.3M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 85 in the prior 24 months
- Premium
- Sector median 32.0%
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 4.0% vs. 3.6% sector median
Timeline
- AnnouncedOct 25, 2022
- Proxy filedJan 10, 2023
- Definitive proxyJan 10, 2023
- Shareholder voteFeb 23, 2023
- ClosedMay 1, 2023
Valuation · fairness opinions
Precedent transactions$12.38$24.34
Precedent transactions$15.16$30.55
Precedent transactions$27.22$46.02
Precedent transactions$28.52$41.74
Implied value per Limestone Bancorp, Inc. share by analysis, from Piper Sandler · DCF discount rate 10%–14%.