M&A · Financials · State Commercial Banks
Nicolet Bankshares Inc to acquire MidWestOne Financial Group, Inc.
Announced Oct 23, 2025 · Closed Feb 13, 2026
Deal value$864M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$41.37 per share
Transaction
- Acquirer
- Nicolet Bankshares Inc (NIC)
- Target
- MidWestOne Financial Group, Inc.
- Buyer type
- Strategic
- Offer price per share
- $41.37
- Enterprise value
- —
- Status
- Closed Feb 13, 2026
Deal protections
- Break fee (target pays)
- $35.0M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- Sector median 33.0%
- EV / Adj. EBITDA
- Sector median 13.1x
- Break fee
- 4.1% vs. 3.7% sector median
Timeline
- AnnouncedOct 23, 2025
- Proxy filedDec 19, 2025
- Definitive proxyDec 19, 2025
- Shareholder voteJan 26, 2026
- ClosedFeb 13, 2026
Valuation · fairness opinions
Precedent transactionsPiper Sandler$26.30$45.68
Precedent transactionsPiper Sandler$27.48$52.71
Precedent transactionsPiper Sandler$74.34$139.60
Precedent transactionsPiper Sandler$98.80$192.39
Discounted cash flowStifel$104.94$149.92
Offer $41.37
Implied value per MidWestOne Financial Group, Inc. share by analysis, from Piper Sandler and Stifel · DCF discount rate 9%–13%.