M&A · Financials · National Commercial Banks
Renasant Corp to acquire First Bancshares Inc
Announced Jul 29, 2024 · Closed Apr 1, 2025
Deal value$1.20B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$35.95 per share
Transaction
- Acquirer
- Renasant Corp (RNST)
- Target
- First Bancshares Inc
- Buyer type
- Strategic
- Offer price per share
- $35.95
- Enterprise value
- —
- Status
- Closed Apr 1, 2025
Deal protections
- Break fee (target pays)
- $40.0M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- Stifel
- Stifel fee
- $2.0M
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedJul 29, 2024
- Proxy filedSep 17, 2024
- Definitive proxySep 17, 2024
- Shareholder voteOct 22, 2024
- ClosedApr 1, 2025
Valuation · fairness opinions
Discounted cash flowStifel$27.11$31.86
Discounted cash flowStifel$30.78$36.80
Discounted cash flow$25.35$34.27
Discounted cash flow$29.35$37.41
Trading comparables$36.65$51.61
Other analysis$32.56$45.23
Other analysis$31.91$40.55
Offer $35.95
Implied value per First Bancshares Inc share by analysis, from Stifel · DCF discount rate 12%–14%.