M&A · Financials · Savings Institutions, Not Federally Chartered
Fulton Financial Corp to acquire Prudential Bancorp, Inc.
Announced Mar 2, 2022 · Closed Jun 30, 2022
Deal value$28M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$3.65 per share
Transaction
- Acquirer
- Fulton Financial Corp (FULT)
- Target
- Prudential Bancorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- $3.65
- Enterprise value
- —
- Status
- Closed Jun 30, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 70 in the prior 24 months
- Premium
- Sector median 35.7%
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- Sector median 3.6%
Timeline
- AnnouncedMar 2, 2022
- Proxy filedMay 9, 2022
- Definitive proxyMay 9, 2022
- Shareholder voteJun 15, 2022
- ClosedJun 30, 2022
Valuation · fairness opinions
Discounted cash flow$15.38$18.36
Discounted cash flow$17.49$22.97
Offer $3.65
Implied value per Prudential Bancorp, Inc. share by analysis, from Stifel · DCF discount rate 13%–16%.