Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Slade's Ferry Bancorp.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/11/2007
Announcement Date:
10/11/2007
Announced Deal Value ($ M):
105.24
Status:
Completed
Completion Date:
2/29/2008
Announced Deal Value Per Share ($ )
25.50

Consideration Breakout
Cash ($M) 27.6
Common Stock ($M) 68.1
Common Stock Issued 2,492,195

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 202.4 178.8
Price / Tangible Book (%) 211.4 186.6
Price / Earnings (x) 28.0 33.1
Price / Deposits (%) 24.72 24.48
Price / Assets (%) 16.75 15.68
Tangible Book Premium/ Deposits (%) 16.71 14.06
Deal Terms
Description of Consideration

Independent Bank Corp. issued 0.818 share of stock or paid $25.50 in cash for each outstanding share of Slade's Ferry common stock, subject to 75% of Slade's shares being exchanged for stock. Options were exchanged for cash.  

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 58,323
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 6,000
Est. Restructuring Charges ($ 000) 15,231
Maximum Termination Fee ($ 000) 3,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.818000
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) 8,761
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Robert W. Baird & Co.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Nutter McClennen & Fish LLP
Seller Yes Thacher Proffitt & Wood