M&A · Financials · Savings Institution, Federally Chartered
First Bank to acquire Malvern Bancorp, Inc.
Announced Dec 14, 2022 · Closed Jul 17, 2023
Deal value$150M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- First Bank
- Target
- Malvern Bancorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jul 17, 2023
Deal protections
- Break fee (target pays)
- $5.9M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Hovde Group
- To the target
- Piper Sandler
- Piper Sandler fee
- $2.2M
Sector context · Financials
- Comparable deals
- 88 in the prior 24 months
- Premium
- Sector median 30.0%
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.9% vs. 3.6% sector median
Timeline
- AnnouncedDec 14, 2022
- Proxy filedMar 9, 2023
- Definitive proxyMar 30, 2023
- Shareholder voteApr 28, 2023
- ClosedJul 17, 2023
Valuation · fairness opinions
Precedent transactions$7.03$14.42
Precedent transactions$11.36$22.06
Precedent transactions$12.04$22.20
Precedent transactions$12.12$28.79
Implied value per Malvern Bancorp, Inc. share by analysis, from Piper Sandler · DCF discount rate 10%–14%.