M&A · Financials · State Commercial Banks
LINKBANCORP, Inc. to acquire Partners Bancorp
Announced Feb 22, 2023 · Closed Dec 1, 2023
Deal value$164M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$9.14 per share
Transaction
- Acquirer
- LINKBANCORP, Inc. (LNKB)
- Target
- Partners Bancorp (PTRS)
- Buyer type
- Strategic
- Offer price per share
- $9.14
- Enterprise value
- —
- Status
- Closed Dec 1, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 86 in the prior 24 months
- Premium
- Sector median 28.7%
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- Sector median 3.6%
Timeline
- AnnouncedFeb 22, 2023
- Proxy filedMay 12, 2023
- Definitive proxyMay 12, 2023
- Shareholder voteJun 22, 2023
- ClosedDec 1, 2023
Valuation · fairness opinions
Precedent transactions$5.05$8.00
Precedent transactions$5.20$10.33
Precedent transactions$5.76$8.92
Precedent transactions$5.06$9.57
Offer $9.14
Implied value per Partners Bancorp share by analysis, from Piper Sandler · DCF discount rate 10%–14%.