M&A · Financials · National Commercial Banks
Atlantic Union Bankshares Corp to acquire Sandy Spring Bancorp Inc
Announced Oct 21, 2024 · Closed Mar 31, 2025
Deal value$1.60B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$34.93 per share
Transaction
- Acquirer
- Atlantic Union Bankshares Corp (AUB)
- Target
- Sandy Spring Bancorp Inc
- Buyer type
- Strategic
- Offer price per share
- $34.93
- Enterprise value
- —
- Status
- Closed Mar 31, 2025
Deal protections
- Break fee (target pays)
- $56.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Stifel
- Morgan Stanley fee
- $13.0M
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- Sector median 33.5%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedOct 21, 2024
- Proxy filedDec 17, 2024
- Definitive proxyDec 17, 2024
- Shareholder voteFeb 5, 2025
- ClosedMar 31, 2025
Valuation · fairness opinions
Trading comparablesMorgan Stanley$29.79$36.52
Trading comparablesMorgan Stanley$35.54$54.68
Trading comparablesMorgan Stanley$33.25$43.68
Trading comparablesMorgan Stanley$28.62$34.34
Discounted cash flowMorgan Stanley$34.98$43.94
Discounted cash flowStifel$28.01$39.77
Discounted cash flowStifel$31.09$43.15
Offer $34.93
Implied value per Sandy Spring Bancorp Inc share by analysis, from Morgan Stanley and Stifel.