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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corporation
Actual Acquirer:
First Merchants Corporation
Target:
MBT Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/9/2018
Announcement Date:
10/10/2018
Announced Deal Value ($ M):
290.94
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
12.57

Consideration Breakout
Common Stock ($M) 289.4
Common Stock Issued 6,378,818

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 240.1 NA
Price / Tangible Book (%) 240.1 NA
Price / Earnings (x) 23.3 NA
Price / Deposits (%) 25.35 NA
Price / Assets (%) 22.01 NA
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

First Merchants Corp. will exchange 0.275 shares of its common stock for each outstanding share of MBT Financial Corp.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 94,763
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 10,930
Est. Restructuring Charges ($ 000) 9,824
Maximum Termination Fee ($ 000) 12,680
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.275000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 19,809
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Shumaker Loop & Kendrick LLP

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