M&A · Financials · State Commercial Banks
WSFS Financial Corp to acquire Bryn Mawr Bank Corp
Announced Mar 10, 2021 · Closed Jan 3, 2022
Deal value$976M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$48.55 per share
Transaction
- Acquirer
- WSFS Financial Corp (WSFS)
- Target
- Bryn Mawr Bank Corp
- Buyer type
- Strategic
- Offer price per share
- $48.55
- Enterprise value
- —
- Status
- Closed Jan 3, 2022
Deal protections
- Break fee (target pays)
- $37.7M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
- Piper Sandler fee
- $5.7M
Sector context · Financials
- Comparable deals
- 13 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- 3.9% vs. 3.5% sector median
Timeline
- AnnouncedMar 10, 2021
- Proxy filedMay 6, 2021
- Definitive proxyMay 6, 2021
- Shareholder voteJun 10, 2021
- ClosedJan 3, 2022
Valuation · fairness opinions
Discounted cash flowStifel$32.44$46.54
Discounted cash flowStifel$42.18$59.34
Precedent transactionsPiper Sandler$35.80$59.94
Precedent transactionsPiper Sandler$33.09$62.33
Precedent transactionsPiper Sandler$44.07$75.86
Precedent transactionsPiper Sandler$34.25$62.95
Offer $48.55
Implied value per Bryn Mawr Bank Corp share by analysis, from Stifel and Piper Sandler · DCF discount rate 10%–14%.