M&A · Financials · Savings Institution, Federally Chartered
Farmers National Banc Corp to acquire Cortland Bancorp Inc
Announced Jun 23, 2021 · Closed Nov 1, 2021
Deal value$124M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$28.00 per share
Transaction
- Acquirer
- Farmers National Banc Corp (FMNB)
- Target
- Cortland Bancorp Inc (CLDB)
- Buyer type
- Strategic
- Offer price per share
- $28.00
- Enterprise value
- —
- Status
- Closed Nov 1, 2021
Deal protections
- Break fee (target pays)
- $5.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 33 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedJun 23, 2021
- Proxy filedSep 23, 2021
- Definitive proxySep 23, 2021
- Shareholder voteOct 26, 2021
- ClosedNov 1, 2021
Valuation · fairness opinions
Precedent transactions$15.69$27.43
Precedent transactions$15.16$26.46
Precedent transactions$10.57$20.05
Precedent transactions$13.75$23.40
Offer $28.00
Implied value per Cortland Bancorp Inc share by analysis, from Piper Sandler · DCF discount rate 11%–15%.