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 $52.5 million of Liberty Bancshares Inc.'s SBLF preferred stock held by the U.S. Treasury in connection with the closing.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) 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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