M&A · Financials · Savings Institution, Federally Chartered
M&T Bank Corp to acquire People's United Financial, Inc.
Announced Feb 22, 2021 · Closed Apr 4, 2022
Deal value$7.60B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$17.70 per share
Transaction
- Acquirer
- M&T Bank Corp (MTB)
- Target
- People's United Financial, Inc. (PBCT)
- Buyer type
- Strategic
- Offer price per share
- $17.70
- Enterprise value
- —
- Status
- Closed Apr 4, 2022
Deal protections
- Break fee (target pays)
- $280M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Lazard
- To the target
- Stifel, JPMorgan
- Lazard fee
- $20.0M
- JPMorgan fee
- $20.0M
Sector context · Financials
- Comparable deals
- 10 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedFeb 22, 2021
- Proxy filedApr 23, 2021
- Definitive proxyApr 23, 2021
- Shareholder voteMay 25, 2021
- ClosedApr 4, 2022
Valuation · fairness opinions
Trading comparablesLazard$12.64$14.76
Trading comparablesLazard$17.70$20.77
Analyst price targetsLazard$14.00$17.00
Discounted cash flowStifel$15.01$17.95
Offer $17.70
Implied value per People's United Financial, Inc. share by analysis, from Lazard and Stifel.