M&A · Financials · State Commercial Banks
Burke & Herbert Financial Services Corp. to acquire Summit Financial Group, Inc.
Announced Aug 24, 2023 · Closed May 3, 2024
Deal value$372M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$25.20 per share
Transaction
- Acquirer
- Burke & Herbert Financial Services Corp. (BHRB)
- Target
- Summit Financial Group, Inc. (SMMF)
- Buyer type
- Strategic
- Offer price per share
- $25.20
- Enterprise value
- —
- Status
- Closed May 3, 2024
Deal protections
- Break fee (target pays)
- $14.9M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- D.A. Davidson
Sector context · Financials
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- 4.0% vs. 3.0% sector median
Timeline
- AnnouncedAug 24, 2023
- Proxy filedOct 16, 2023
- Definitive proxyOct 16, 2023
- Shareholder voteDec 6, 2023
- ClosedMay 3, 2024
Valuation · fairness opinions
Discounted cash flowStifel$45.04$66.05
Discounted cash flowStifel$31.99$50.17
Discounted cash flowStifel$66.45$96.48
Precedent transactionsD.A. Davidson$15.70$32.25
Precedent transactionsD.A. Davidson$19.73$35.19
Precedent transactionsD.A. Davidson$18.46$33.61
Precedent transactionsD.A. Davidson$22.66$37.92
Offer $25.20
Implied value per Summit Financial Group, Inc. share by analysis, from Stifel and D.A. Davidson · DCF discount rate 9%–13%.