Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Corporation
Target:
First M&F Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
2/6/2013
Announcement Date:
2/7/2013
Announced Deal Value ($ M):
121.04
Status:
Completed
Completion Date:
9/1/2013
Announced Deal Value Per Share ($ )
12.59
Consideration Breakout
| Common Stock ($M) | 155.4 |
| Common Stock Issued | 6,175,576 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Book (%) | 121.40 | 160.21 |
| Price / Tangible Book (%) | 126.69 | 167.01 |
| Price / Earnings (x) | 23.31 | 34.41 |
| Price / Deposits (%) | 8.63 | 11.38 |
| Price / Assets (%) | 7.56 | 10.18 |
| Tangible Book Premium/ Deposits (%) | 2.09 | 5.16 |
Deal Terms
Description of Consideration
Renasant Corp. exchanged 0.6425 shares of its common stock for each outstanding share of First M&F Corp. Renasant Corp. assumed approximately $70.66 million of debt. Prior to the closing of the merger First M&F Corp. redeemed all of its preferred stock of approximately $30 million and warrants of approximately $4.1 million held by the U.S. Treasury under the Community Development Capital Initiative.
| Accounting Method | Acquisition |
| In-State Transaction? | Yes |
| Merger of Equals? | No |
| Geographic Expansion? | Partial Overlap |
| Goodwill Generated ($ 000) | 90,127 |
| Estimated Cost Savings (%) | 25.00 |
| Estimated Cost Savings ($ 000) | 14,070 |
| Est. Restructuring Charges ($ 000) | 12,000 |
| Maximum Termination Fee ($ 000) | 5,800 |
| Minimum Termination Fee ($ 000) | 0 |
| Exchange Ratio (Common For Common) | 0.642500 |
| 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) | 25,032 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Sandler O'Neill & Partners LP |
| Seller | Yes | Keefe Bruyette & Woods Inc. |
Legal Counsel
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Phelps Dunbar LLP |
| Seller | Yes | Jones Walker LLP |