M&A · Financials · State Commercial Banks
First Busey Corp to acquire Crossfirst Bankshares, Inc.
Announced Aug 27, 2024 · Closed Mar 3, 2025
Deal value$917M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$18.28 per share
Transaction
- Acquirer
- First Busey Corp (BUSE)
- Target
- Crossfirst Bankshares, Inc.
- Buyer type
- Strategic
- Offer price per share
- $18.28
- Enterprise value
- —
- Status
- Closed Mar 3, 2025
Deal protections
- Break fee (target pays)
- $36.7M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Stifel
- Stifel fee
- $8.9M
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- Sector median 33.5%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 4.0% vs. 3.2% sector median
Timeline
- AnnouncedAug 27, 2024
- Proxy filedNov 13, 2024
- Definitive proxyNov 13, 2024
- Shareholder voteDec 20, 2024
- ClosedMar 3, 2025
Valuation · fairness opinions
Discounted cash flow$13.68$18.81
Discounted cash flow$23.98$32.34
Offer $18.28
Implied value per Crossfirst Bankshares, Inc. share by analysis, from Stifel · DCF discount rate 11%–13%.