M&A · Financials · State Commercial Banks
ONB to acquire CapStar Financial Holdings, Inc.
Announced Oct 26, 2023 · Closed Apr 1, 2024
Deal value$344M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- ONB
- Target
- CapStar Financial Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 1, 2024
Deal protections
- Break fee (target pays)
- $11.3M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
Sector context · Financials
- Comparable deals
- 64 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedOct 26, 2023
- Proxy filedJan 25, 2024
- Definitive proxyJan 25, 2024
- Shareholder voteFeb 29, 2024
- ClosedApr 1, 2024
Valuation · fairness opinions
Trading comparables$12.20$14.92
Trading comparables$11.57$20.25
Discounted cash flow$12.05$14.90
Precedent transactions$14.64$19.12
Precedent transactions$17.40$24.65
Implied value per CapStar Financial Holdings, Inc. share by analysis, from Morgan Stanley.