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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City Holding Company
Target: Horizon Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date8/7/1998
Announcement Date8/7/1998
Announced Deal Value ($M)413.40
Completion Date12/31/1998
Announced Deal Value Per Share ($)45.00
Consideration Breakout
Common Stock ($M)308.3
Common Stock Issued10,200,000
Deal Pricing Ratios
Price / Book (%)360.9260.9
Price / Tangible Book (%)378.8276.2
Price / Earnings (x)29.422.7
Price / Deposits (%)48.0035.65
Price / Assets (%)39.6229.07
Tangible Book Premium/ Deposits (%)39.3725.40
Deal Terms
Description of Consideration
City Holding exchanged 1.111 shares for each Horizon Bancorp share held.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)0
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)1.1110
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)42.3800
% of Shares Outstanding19.90
Shares Under Option1,817,967
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesWheat First Union
SellerYesBaxter Fentriss & Company

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHunton & Williams LLP
SellerYesJackson Kelly PLLC

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