M&A · Financials · Savings Institutions, Not Federally Chartered
MID Penn Bancorp Inc to acquire William Penn Bancorporation
Announced Nov 1, 2024 · Closed Apr 30, 2025
Deal value$127M
Premium7.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- MID Penn Bancorp Inc (MPB)
- Target
- William Penn Bancorporation
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 30, 2025
Deal protections
- Break fee (target pays)
- $4.9M · 3.9%
- Reverse fee (buyer pays)
- $4.9M · 3.9%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- Piper Sandler
- Piper Sandler fee
- $1.7M
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- 7.3% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 3.9% vs. 3.3% sector median
Timeline
- AnnouncedNov 1, 2024
- Proxy filedFeb 11, 2025
- Definitive proxyFeb 11, 2025
- Shareholder voteApr 2, 2025
- ClosedApr 30, 2025
Valuation · fairness opinions
Precedent transactionsPiper Sandler$3.02$5.29
Precedent transactionsPiper Sandler$6.04$12.50
Precedent transactionsPiper Sandler$19.83$48.19
Precedent transactionsPiper Sandler$24.91$41.90
Discounted cash flowStifel$26.57$34.80
Implied value per William Penn Bancorporation share by analysis, from Piper Sandler and Stifel · DCF discount rate 10%–14%.