M&A · Financials · National Commercial Banks
Atlantic Union Bankshares Corp to acquire American National Bankshares Inc.
Announced Jul 25, 2023 · Closed Apr 1, 2024
Deal value$417M
Premium27.4%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$39.23 per share
Transaction
- Acquirer
- Atlantic Union Bankshares Corp (AUB)
- Target
- American National Bankshares Inc. (AMNB)
- Buyer type
- Strategic
- Offer price per share
- $39.23
- Enterprise value
- —
- Status
- Closed Apr 1, 2024
Deal protections
- Break fee (target pays)
- $17.2M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 27.4% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- 4.1% vs. 3.0% sector median
Timeline
- AnnouncedJul 25, 2023
- Proxy filedSep 29, 2023
- Definitive proxySep 29, 2023
- Shareholder voteNov 14, 2023
- ClosedApr 1, 2024
Valuation · fairness opinions
Discounted cash flow$25.40$34.86
Discounted cash flow$27.66$34.76
Offer $39.23
Implied value per American National Bankshares Inc. share by analysis, from Stifel · DCF discount rate 10.5%–12.5%.