M&A · Financials · State Commercial Banks
Citizens Financial Group Inc to acquire Investors Bancorp, Inc.
Announced Jul 28, 2021 · Closed Apr 6, 2022
Deal value$3.50B
Premium12.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Citizens Financial Group Inc (CFG)
- Target
- Investors Bancorp, Inc. (ISBC)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 6, 2022
Deal protections
- Break fee (target pays)
- $140M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Stifel, Piper Sandler, Lazard
- Stifel fee
- $22.0M
- Piper Sandler fee
- $4.0M
Sector context · Financials
- Comparable deals
- 46 in the prior 24 months
- Premium
- 12.3% vs. 40.9% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedJul 28, 2021
- Proxy filedOct 7, 2021
- Definitive proxyOct 7, 2021
- Shareholder voteNov 19, 2021
- ClosedApr 6, 2022
Valuation · fairness opinions
Discounted cash flowStifel$13.02$18.01
Discounted cash flowStifel$42.73$58.66
Precedent transactionsPiper Sandler$11.36$17.27
Precedent transactionsPiper Sandler$11.72$20.46
Precedent transactionsPiper Sandler$30.77$79.48
Precedent transactionsPiper Sandler$47.25$76.31
Implied value per Investors Bancorp, Inc. share by analysis, from Stifel and Piper Sandler · DCF discount rate 10%–12.5%.