M&A · Financials · State Commercial Banks
Provident Financial Services Inc to acquire Lakeland Bancorp Inc
Announced Sep 27, 2022 · Closed May 15, 2024
Deal value$1.30B
Premium18.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$19.27 per share
Transaction
- Acquirer
- Provident Financial Services Inc (PFS)
- Target
- Lakeland Bancorp Inc (LBAI)
- Buyer type
- Strategic
- Offer price per share
- $19.27
- Enterprise value
- —
- Status
- Closed May 15, 2024
Deal protections
- Break fee (target pays)
- $50.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
- Piper Sandler fee
- $9.8M
- Stifel fee
- $3.0M
Sector context · Financials
- Comparable deals
- 85 in the prior 24 months
- Premium
- 18.3% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.8% vs. 3.6% sector median
Timeline
- AnnouncedSep 27, 2022
- Proxy filedDec 22, 2022
- Definitive proxyDec 22, 2022
- Shareholder voteFeb 1, 2023
- ClosedMay 15, 2024
Valuation · fairness opinions
Precedent transactionsPiper Sandler$19.18$30.69
Precedent transactionsPiper Sandler$20.49$36.09
Precedent transactionsPiper Sandler$14.75$23.92
Precedent transactionsPiper Sandler$16.72$29.98
Discounted cash flowStifel$17.38$21.94
Discounted cash flowStifel$22.37$28.02
Offer $19.27
Implied value per Lakeland Bancorp Inc share by analysis, from Piper Sandler and Stifel · DCF discount rate 8%–12%.