Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Mayflower Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/14/2013
Announcement Date:
5/14/2013
Announced Deal Value ($ M):
37.35
Status:
Completed
Completion Date:
11/15/2013
Announced Deal Value Per Share ($ )
17.92

Consideration Breakout
Cash ($M) 10.9
Common Stock ($M) 29.3
Common Stock Issued 818,650

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 163.5 183.2
Price / Tangible Book (%) 163.5 183.2
Price / Earnings (x) 25.2 51.0
Price / Deposits (%) 15.85 18.47
Price / Assets (%) 14.29 16.58
Tangible Book Premium/ Deposits (%) 7.20 9.64
Deal Terms
Description of Consideration

Independent Bank Corp. paid $17.50 in cash per share and issued 0.565 share of its common stock for each outstanding share of Mayflower Bancorp Inc. subject to 30% being paid in cash.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 20,030
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 6,219
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.565000
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) 2,610
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sterne Agee & Leach Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Choate Hall & Stewart LLP
Seller Yes Kilpatrick Townsend & Stockton