M&A · Financials · State Commercial Banks
Shore Bancshares Inc to acquire Community Financial Corp
Announced Dec 14, 2022 · Closed Jun 30, 2023
Deal value$254M
Premium12.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$44.71 per share
Transaction
- Acquirer
- Shore Bancshares Inc (SHBI)
- Target
- Community Financial Corp
- Buyer type
- Strategic
- Offer price per share
- $44.71
- Enterprise value
- —
- Status
- Closed Jun 30, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 12.7% vs. 31.0% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedDec 14, 2022
- Proxy filedMay 8, 2023
- Definitive proxyMay 8, 2023
- Shareholder voteJun 20, 2023
- ClosedJun 30, 2023
Valuation · fairness opinions
Discounted cash flowStifel$18.26$24.10
Discounted cash flowStifel$44.72$60.61
Precedent transactionsPiper Sandler$38.73$69.87
Precedent transactionsPiper Sandler$41.22$75.02
Precedent transactionsPiper Sandler$12.77$22.02
Precedent transactionsPiper Sandler$16.94$26.50
Offer $44.71
Implied value per Community Financial Corp share by analysis, from Stifel and Piper Sandler · DCF discount rate 10%–12%.