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M & A

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Financial Institutions, Inc.
Actual Acquirer:
Financial Institutions, Inc.
Target:
Bath National Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/2/2000
Announcement Date:
11/2/2000
Announced Deal Value ($ M):
62.60
Status:
Completed
Completion Date:
5/1/2001
Announced Deal Value Per Share ($ )
48.00

Consideration Breakout
Cash ($M) 62.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 225.6 227.3
Price / Tangible Book (%) 227.4 229.1
Price / Earnings (x) 45.3 NM
Price / Deposits (%) 28.96 28.68
Price / Assets (%) 21.79 21.73
Tangible Book Premium/ Deposits (%) 18.18 17.63
Deal Terms
Description of Consideration

Bath shareholders received $48.00 in cash for each share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 37,188
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 37.0000
% of Shares Outstanding 15.00
Shares Under Option 196,000
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes CIBC World Markets Corp.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Peabody & Arnold LLP
Seller Yes Elias Matz Tiernan & Herrick