M&A · Financials · State Commercial Banks
Firstsun Capital Bancorp to acquire HomeStreet, Inc.
Announced Jan 16, 2024 · Terminated Nov 19, 2024
Deal value$277M
Premium37.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$14.75 per share
Transaction
- Acquirer
- Firstsun Capital Bancorp (FSUN)
- Target
- HomeStreet, Inc. (HMST)
- Buyer type
- Strategic
- Offer price per share
- $14.75
- Enterprise value
- —
- Status
- Terminated Nov 19, 2024
Deal protections
- Break fee (target pays)
- $10.0M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- 37.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- Sector median 17.6x
- Break fee
- 3.6% vs. 3.0% sector median
Timeline
- AnnouncedJan 16, 2024
- Proxy filedMay 16, 2024
- Definitive proxyMay 16, 2024
- Shareholder voteJun 18, 2024
- TerminatedNov 19, 2024
Valuation · fairness opinions
Discounted cash flow$37.38$53.83
Discounted cash flow$2.53$9.07
Offer $14.75
Implied value per HomeStreet, Inc. share by analysis, from Stifel · DCF discount rate 11%–15%.