M&A · Financials · State Commercial Banks
Nicolet Bankshares Inc to acquire Mackinac Financial Corp
Announced Apr 12, 2021 · Closed Sep 3, 2021
Deal value$248M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Nicolet Bankshares Inc (NCBS)
- Target
- Mackinac Financial Corp (MFNC)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Sep 3, 2021
Deal protections
- Break fee (target pays)
- $10.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 17 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedApr 12, 2021
- Proxy filedJun 9, 2021
- Definitive proxyJun 9, 2021
- Shareholder voteJul 15, 2021
- ClosedSep 3, 2021
Valuation · fairness opinions
Precedent transactions$11.21$18.28
Precedent transactions$10.12$17.38
Precedent transactions$51.61$79.95
Precedent transactions$53.27$92.18
Implied value per Mackinac Financial Corp share by analysis, from Piper Sandler · DCF discount rate 11%–15%.