M&A · Financials · National Commercial Banks
Old National Bancorp to acquire First Midwest Bancorp Inc
Announced Jun 1, 2021 · Closed Feb 15, 2022
Deal value$2.47B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$21.60 per share
Transaction
- Acquirer
- Old National Bancorp (ONB)
- Target
- First Midwest Bancorp Inc (FMBI)
- Buyer type
- Strategic
- Offer price per share
- $21.60
- Enterprise value
- —
- Status
- Closed Feb 15, 2022
Deal protections
- Break fee (target pays)
- $97.0M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- JPMorgan
- JPMorgan fee
- $25.0M
Sector context · Financials
- Comparable deals
- 30 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.9% vs. 3.7% sector median
Timeline
- AnnouncedJun 1, 2021
- Proxy filedJul 27, 2021
- Definitive proxyJul 27, 2021
- Shareholder voteSep 15, 2021
- ClosedFeb 15, 2022
Valuation · fairness opinions
Discounted cash flowStifel$18.78$25.08
Discounted cash flowStifel$20.97$27.96
Trading comparablesJPMorgan$17.00$24.72
Trading comparablesJPMorgan$20.68$24.34
Discounted cash flowJPMorgan$18.48$22.23
Trading comparablesJPMorgan$16.01$23.29
Trading comparablesJPMorgan$19.56$22.77
Offer $21.60
Implied value per First Midwest Bancorp Inc share by analysis, from Stifel and JPMorgan · DCF discount rate 9.5%–11.5%.