M&A · Financials · Savings Institution, Federally Chartered
Orrstown Financial Services Inc to acquire Codorus Valley Bancorp Inc
Announced Dec 12, 2023 · Closed Jul 1, 2024
Deal value$207M
Premium3.9%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$21.31 per share
Transaction
- Acquirer
- Orrstown Financial Services Inc (ORRF)
- Target
- Codorus Valley Bancorp Inc (CVLY)
- Buyer type
- Strategic
- Offer price per share
- $21.31
- Enterprise value
- —
- Status
- Closed Jul 1, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Stifel
- Raymond James fee
- $1.8M
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- 3.9% vs. 35.6% sector median
- EV / Adj. EBITDA
- Sector median 18.3x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedDec 12, 2023
- Proxy filedApr 30, 2024
- Definitive proxyApr 30, 2024
- Shareholder voteMay 30, 2024
- ClosedJul 1, 2024
Valuation · fairness opinions
Discounted cash flowRaymond James$26.69$36.75
Discounted cash flowStifel$18.44$28.60
Discounted cash flowStifel$23.83$36.81
Offer $21.31
Implied value per Codorus Valley Bancorp Inc share by analysis, from Raymond James and Stifel · DCF discount rate 11%–15%.