M&A · Financials · State Commercial Banks
South State Corporation to acquire Atlantic Capital Bancshares, Inc.
Announced Jul 22, 2021 · Closed Feb 28, 2022
Deal value$542M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$26.43 per share
Transaction
- Acquirer
- South State Corporation
- Target
- Atlantic Capital Bancshares, Inc.
- Buyer type
- Strategic
- Offer price per share
- $26.43
- Enterprise value
- —
- Status
- Closed Feb 28, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- JPMorgan
- JPMorgan fee
- $7.0M
Sector context · Financials
- Comparable deals
- 44 in the prior 24 months
- Premium
- Sector median 42.0%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedJul 22, 2021
- Proxy filedOct 18, 2021
- Definitive proxyOct 18, 2021
- Shareholder voteNov 16, 2021
- ClosedFeb 28, 2022
Valuation · fairness opinions
Trading comparables$22.75$28.50
Trading comparables$22.50$26.25
Discounted cash flow$23.25$28.50
Offer $26.43
Implied value per Atlantic Capital Bancshares, Inc. share by analysis, from JPMorgan.