M&A · Financials · State Commercial Banks
Southern California Bancorp to acquire California BanCorp
Announced Jan 30, 2024 · Closed Jul 31, 2024
Deal value$234M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$26.54 per share
Transaction
- Acquirer
- Southern California Bancorp (BCAL)
- Target
- California BanCorp (CALB)
- Buyer type
- Strategic
- Offer price per share
- $26.54
- Enterprise value
- —
- Status
- Closed Jul 31, 2024
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- MJC Partners
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 17.6x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJan 30, 2024
- Proxy filedJun 7, 2024
- Definitive proxyJun 7, 2024
- Shareholder voteJul 17, 2024
- ClosedJul 31, 2024
Valuation · fairness opinions
Discounted cash flow$21.06$30.21
Discounted cash flow$14.04$19.40
Offer $26.54
Implied value per California BanCorp share by analysis, from Stifel · DCF discount rate 10.5%–12.5%.