M&A · Financials · National Commercial Banks
MID Penn Bancorp Inc to acquire Riverview Financial Corp
Announced Jul 2, 2021 · Closed Nov 30, 2021
Deal value$125M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- MID Penn Bancorp Inc (MPB)
- Target
- Riverview Financial Corp (RIVE)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 30, 2021
Deal protections
- Break fee (target pays)
- $5.1M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Janney Montgomery Scott
Sector context · Financials
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 43.4%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 4.1% vs. 3.7% sector median
Timeline
- AnnouncedJul 2, 2021
- Proxy filedOct 6, 2021
- Definitive proxyOct 6, 2021
- Shareholder voteNov 18, 2021
- ClosedNov 30, 2021
Valuation · fairness opinions
Trading comparables$25.17$33.62
Trading comparables$11.82$17.51
Trading comparables$10.84$17.54
Other analysis$8.83$12.02
Other analysis$10.64$15.15
Implied value per Riverview Financial Corp share by analysis, from Janney Montgomery Scott · DCF discount rate 11%–13%.