M&A · Financials · State Commercial Banks
Nicolet Bankshares Inc to acquire County Bancorp, Inc.
Announced Jun 22, 2021 · Closed Dec 3, 2021
Deal value$219M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$37.18 per share
Transaction
- Acquirer
- Nicolet Bankshares Inc (NCBS)
- Target
- County Bancorp, Inc. (ICBK)
- Buyer type
- Strategic
- Offer price per share
- $37.18
- Enterprise value
- —
- Status
- Closed Dec 3, 2021
Deal protections
- Break fee (target pays)
- $10.0M · 4.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Stephens
Sector context · Financials
- Comparable deals
- 32 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 4.6% vs. 3.7% sector median
Timeline
- AnnouncedJun 22, 2021
- Proxy filedAug 27, 2021
- Definitive proxyAug 27, 2021
- Shareholder voteOct 5, 2021
- ClosedDec 3, 2021
Valuation · fairness opinions
Discounted cash flow$32.17$39.57
Offer $37.18
Implied value per County Bancorp, Inc. share by analysis · DCF discount rate 10%–12%.