Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Home BancShares, Inc. (Click for buyer financial information)
Target:  Liberty Bancshares, Inc (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 5/21/13   Announced Deal Value ($M) 280.0
Status Completed   Announced Deal Value Per Share ($) 238.30
Completion Date 10/24/13      
 
Deal Summary
Conway, Ark.-based Home BancShares Inc. unit Centennial Bank has acquired Jonesboro, Ark.-based Liberty Bancshares Inc. Home BancShares Inc. will expand in Arkansas by 95 branches to be ranked third with a 7.30% share of approximately $53.38 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 106.30 121.52
Price / Tangible Book (%) 161.91 184.87
Price / LTM EPS (x) 12.73 14.58
Price / Deposits (%) 12.88 14.60
Price / Assets (%) 11.78 13.17
Tang Book Premium / Core Deposits (%) 6.77 9.41


Deal Terms

Description of Consideration
Home BancShares Inc. paid $30.0 million in cash and issued 8,763,930 shares of its common stock to acquire all of the outstanding shares of Liberty Bancshares Inc. Home BancShares Inc. also assumed $56 million in trust preferred securities of Liberty Bancshares Inc. In addition, Home BancShares Inc. repurchased $52.5 million of Liberty Bancshares Inc.'s SBLF preferred stock held by the U.S. Treasury in connection with the closing. Exchange ratio was subject to adjustment based on Home BancShares Inc. closing price within a $17.1150-28.5250 cap/floor.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Partial Overlap   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) 18,378
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   82.5
Common Stock ($M)   290.1
Common Shares Issued   8,763,930
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes DD&F Consulting Group
Raymond James & Assoc. Inc.
 
Seller Yes DD&F Consulting Group
Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
 
Seller Yes Dover Dixon Horne PLLC

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