Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Benjamin Franklin Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/8/2008
Announcement Date:
11/9/2008
Announced Deal Value ($ M):
124.82
Status:
Completed
Completion Date:
4/10/2009
Announced Deal Value Per Share ($ )
15.77

Consideration Breakout
Common Stock ($M) 84.5
Common Stock Issued 4,624,948

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 114.2 75.8
Price / Tangible Book (%) 172.0 112.2
Price / Earnings (x) 25.0 21.6
Price / Deposits (%) 18.89 12.95
Price / Assets (%) 12.73 8.47
Tangible Book Premium/ Deposits (%) 9.64 1.85
Deal Terms
Description of Consideration

Independent Bank Corp. exchanged 0.59 share of its common stock for each share of Benjamin Franklin Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 13,183
Estimated Cost Savings (%) 37.00
Estimated Cost Savings ($ 000) 8,849
Est. Restructuring Charges ($ 000) 33,231
Maximum Termination Fee ($ 000) 4,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.590000
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) 6,626
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 Hogan & Hartson LLP
Seller Yes Foley Hoag LLP