M&A · Financials · State Commercial Banks
Simmons First National Corp to acquire Spirit of Texas Bancshares, Inc.
Announced Nov 19, 2021 · Closed Apr 8, 2022
Deal value$581M
Premium28.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Simmons First National Corp (SFNC)
- Target
- Spirit of Texas Bancshares, Inc. (STXB)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 8, 2022
Deal protections
- Break fee (target pays)
- $22.8M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Stephens
Sector context · Financials
- Comparable deals
- 66 in the prior 24 months
- Premium
- 28.0% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 3.9% vs. 3.6% sector median
Timeline
- AnnouncedNov 19, 2021
- Proxy filedJan 20, 2022
- Definitive proxyJan 20, 2022
- Shareholder voteFeb 24, 2022
- ClosedApr 8, 2022