M&A · Financials · State Commercial Banks
FNB Corp to acquire Howard Bancorp Inc
Announced Jul 13, 2021 · Closed Jan 24, 2022
Deal value$412M
Premium39.8%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$21.96 per share
Transaction
- Acquirer
- FNB Corp (FNB)
- Target
- Howard Bancorp Inc (HBMD)
- Buyer type
- Strategic
- Offer price per share
- $21.96
- Enterprise value
- —
- Status
- Closed Jan 24, 2022
Deal protections
- Break fee (target pays)
- $15.0M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 41 in the prior 24 months
- Premium
- 39.8% vs. 43.4% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.6% vs. 3.7% sector median
Timeline
- AnnouncedJul 13, 2021
- Proxy filedOct 5, 2021
- Definitive proxyOct 5, 2021
- Shareholder voteNov 9, 2021
- ClosedJan 24, 2022
Valuation · fairness opinions
Discounted cash flow$13.83$19.80
Discounted cash flow$10.74$14.52
Offer $21.96
Implied value per Howard Bancorp Inc share by analysis, from Stifel · DCF discount rate 11%–15%.