M&A · Financials · National Commercial Banks
Huntington Bancshares Incorporated to acquire TCF Financial Corp
Announced Dec 14, 2020 · Closed Jun 9, 2021
Deal value$5.92B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$38.83 per share
Transaction
- Acquirer
- Huntington Bancshares Incorporated
- Target
- TCF Financial Corp
- Buyer type
- Strategic
- Offer price per share
- $38.83
- Enterprise value
- —
- Status
- Closed Jun 9, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $239M · 4.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Stifel
- Stifel fee
- $26.0M
- Goldman Sachs fee
- $30.0M
Sector context · Financials
- Comparable deals
- 4 in the prior 24 months
- Premium
- Sector median 61.0%
- EV / Adj. EBITDA
- —
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedDec 14, 2020
- Proxy filedFeb 17, 2021
- Definitive proxyFeb 17, 2021
- Shareholder voteMar 25, 2021
- ClosedJun 9, 2021
Valuation · fairness opinions
Discounted cash flowStifel$12.50$16.60
Discounted cash flowStifel$32.99$45.86
Future share priceGoldman Sachs$35.39$42.62
Future share priceGoldman Sachs$30.80$36.05
Precedent transactionsGoldman Sachs$49.50$55.00
Precedent transactionsGoldman Sachs$34.15$52.54
Precedent transactionsGoldman Sachs$37.62$45.43
Offer $38.83
Implied value per TCF Financial Corp share by analysis, from Stifel and Goldman Sachs · DCF discount rate 9%–12%.