M&A · Financials · National Commercial Banks
BancorpSouth Bank to acquire Cadence Bancorporation
Announced Apr 12, 2021 · Closed Oct 29, 2021
Deal value$2.81B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$22.58 per share
Transaction
- Acquirer
- BancorpSouth Bank (BXS)
- Target
- Cadence Bancorporation (CADE)
- Buyer type
- Strategic
- Offer price per share
- $22.58
- Enterprise value
- —
- Status
- Closed Oct 29, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $118M · 4.2%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Goldman Sachs, JPMorgan
- Stifel fee
- $20.0M
- Goldman Sachs fee
- $15.0M
Sector context · Financials
- Comparable deals
- 17 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedApr 12, 2021
- Proxy filedMay 27, 2021
- Definitive proxyJul 7, 2021
- Shareholder voteAug 9, 2021
- ClosedOct 29, 2021
Valuation · fairness opinions
Discounted cash flowStifel$22.52$29.82
Discounted cash flowStifel$31.86$44.65
Future share priceGoldman Sachs$19.84$24.32
Future share priceGoldman Sachs$19.85$26.87
Future share priceGoldman Sachs$20.35$26.37
Future share priceGoldman Sachs$28.92$34.33
Future share priceGoldman Sachs$29.19$39.08
Offer $22.58
Implied value per Cadence Bancorporation share by analysis, from Stifel and Goldman Sachs · DCF discount rate 10%–14%.