Mergers & Acquisitions

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Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Blue Hills Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/20/2018
Announcement Date:
9/20/2018
Announced Deal Value ($ M):
725.38
Status:
Completed
Completion Date:
4/1/2019
Announced Deal Value Per Share ($ )
25.87

Consideration Breakout
Cash ($M) 141.0
Common Stock ($M) 502.2
Common Stock Issued 6,166,010

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 173.7 159.5
Price / Tangible Book (%) 177.9 163.3
Price / Earnings (x) 35.0 24.4
Price / Deposits (%) 34.34 31.52
Price / Assets (%) 26.46 24.01
Tangible Book Premium/ Deposits (%) 19.21 16.04
Deal Terms
Description of Consideration

Independent Bank Corp. paid $5.25 per share in cash and exchanged 0.2308 shares of its common stock for each of the outstanding share of Blue Hills Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 248,457
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 27,358
Est. Restructuring Charges ($ 000) 36,000
Maximum Termination Fee ($ 000) 26,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.230800
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) 19,870
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 Day Pitney LLP
Seller Yes Luse Gorman PC