M&A · Financials · State Commercial Banks
Eastern Bankshares, Inc. to acquire Cambridge Bancorp
Announced Sep 19, 2023 · Closed Jul 15, 2024
Deal value$528M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$66.46 per share
Transaction
- Acquirer
- Eastern Bankshares, Inc. (EBC)
- Target
- Cambridge Bancorp
- Buyer type
- Strategic
- Offer price per share
- $66.46
- Enterprise value
- —
- Status
- Closed Jul 15, 2024
Deal protections
- Break fee (target pays)
- $21.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- BofA Securities
- JPMorgan fee
- $6.0M
Sector context · Financials
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- 4.0% vs. 3.0% sector median
Timeline
- AnnouncedSep 19, 2023
- Proxy filedJan 16, 2024
- Definitive proxyJan 16, 2024
- Shareholder voteFeb 28, 2024
- ClosedJul 15, 2024
Valuation · fairness opinions
Trading comparablesBofA Securities$33.97$57.66
Trading comparablesBofA Securities$33.25$53.46
Trading comparablesBofA Securities$51.26$102.48
Trading comparablesBofA Securities$78.95$106.82
Trading comparablesBofA Securities$56.36$76.25
Trading comparablesJPMorgan$37.75$52.75
Trading comparablesJPMorgan$31.50$48.25
Discounted cash flowJPMorgan$58.50$75.50
Discounted cash flowJPMorgan$87.25$120.50
Discounted cash flowJPMorgan$10.25$13.75
Offer $66.46
Implied value per Cambridge Bancorp share by analysis, from BofA Securities and JPMorgan · DCF discount rate 8.4%–9.9%.