M&A · Financials · State Commercial Banks
UMB Financial Corp to acquire Heartland Financial USA Inc
Announced Apr 29, 2024 · Closed Jan 31, 2025
Deal value$2.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$45.74 per share
Transaction
- Acquirer
- UMB Financial Corp (UMBF)
- Target
- Heartland Financial USA Inc (HTLF)
- Buyer type
- Strategic
- Offer price per share
- $45.74
- Enterprise value
- —
- Status
- Closed Jan 31, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 55 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 15.6x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedApr 29, 2024
- Proxy filedJul 5, 2024
- Definitive proxyJul 5, 2024
- Shareholder voteAug 6, 2024
- ClosedJan 31, 2025
Valuation · fairness opinions
Trading comparablesBofA Securities$68.02$82.34
Trading comparablesBofA Securities$69.30$84.70
Trading comparablesBofA Securities$67.04$81.93
Trading comparablesBofA Securities$66.66$83.40
Trading comparablesBofA Securities$33.75$51.75
Discounted cash flowStifel$39.02$53.92
Discounted cash flowStifel$68.98$94.54
Offer $45.74
Implied value per Heartland Financial USA Inc share by analysis, from BofA Securities and Stifel · DCF discount rate 9.6%–11.6%.