M&A · Financials · State Commercial Banks
Eastern Bankshares, Inc. to acquire Century Bancorp Inc
Announced Apr 7, 2021 · Closed Nov 12, 2021
Deal value$642M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Eastern Bankshares, Inc. (EBC)
- Target
- Century Bancorp Inc (CNBKA)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 12, 2021
Deal protections
- Break fee (target pays)
- $25.7M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 15 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- 4.0% vs. 3.6% sector median
Timeline
- AnnouncedApr 7, 2021
- Proxy filedMay 7, 2021
- Definitive proxyJun 3, 2021
- Shareholder voteJul 7, 2021
- ClosedNov 12, 2021
Valuation · fairness opinions
Precedent transactions$56.16$110.50
Precedent transactions$66.30$125.78
Implied value per Century Bancorp Inc share by analysis, from Piper Sandler · DCF discount rate 10%–13%.