M&A · Financials · State Commercial Banks
First Interstate Bancsystem Inc to acquire Great Western Bancorp, Inc.
Announced Sep 20, 2021 · Closed Feb 1, 2022
Deal value$2.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$35.65 per share
Transaction
- Acquirer
- First Interstate Bancsystem Inc (FIBK)
- Target
- Great Western Bancorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- $35.65
- Enterprise value
- —
- Status
- Closed Feb 1, 2022
Deal protections
- Break fee (target pays)
- $70.0M · 3.5%
- Reverse fee (buyer pays)
- $105M · 5.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel, Barclays
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 54 in the prior 24 months
- Premium
- Sector median 35.9%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.5% vs. 3.7% sector median
Timeline
- AnnouncedSep 20, 2021
- Proxy filedDec 16, 2021
- Definitive proxyDec 16, 2021
- Shareholder voteJan 19, 2022
- ClosedFeb 1, 2022
Valuation · fairness opinions
Precedent transactionsPiper Sandler$23.50$34.07
Precedent transactionsPiper Sandler$24.74$34.11
Discounted cash flowStifel$34.82$44.74
Offer $35.65
Implied value per Great Western Bancorp, Inc. share by analysis, from Piper Sandler and Stifel · DCF discount rate 9.5%–13.5%.