M&A · Financials · National Commercial Banks
Farmers National Banc Corp to acquire Emclaire Financial Corp
Announced Mar 24, 2022 · Closed Dec 30, 2022
Deal value$105M
Premium36.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$40.00 per share
Transaction
- Acquirer
- Farmers National Banc Corp (FMNB)
- Target
- Emclaire Financial Corp (EMCF)
- Buyer type
- Strategic
- Offer price per share
- $40.00
- Enterprise value
- —
- Status
- Closed Dec 30, 2022
Deal protections
- Break fee (target pays)
- $3.8M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Raymond James
Sector context · Financials
- Comparable deals
- 72 in the prior 24 months
- Premium
- 36.3% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 3.6% vs. 3.6% sector median
Timeline
- AnnouncedMar 24, 2022
- Proxy filedJun 15, 2022
- Definitive proxyJun 15, 2022
- Shareholder voteJul 20, 2022
- ClosedDec 30, 2022