Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Home BancShares, Inc. (Click for buyer financial information)
Target:  Giant Holdings, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 9/9/16   Announced Deal Value ($M) 90.9
Status Completed   Announced Deal Value Per Share ($) 4.91
Completion Date 2/23/17      
 
Deal Summary
Conway, Ark.-based Home BancShares Inc. unit Centennial Bank has acquired Fort Lauderdale, Fla.-based Giant Holdings Inc. Ratios are based on Giant Holdings Inc.'s December 31, 2016 small parent equity and LTM net income of $56,858,000 and $2,771,000 respectively. Home BancShares Inc. will expand in Broward County, Fla., by five branches to be ranked No. 18 with a 0.73% share of approximately $51.71 billion in total market deposits and will enter Palm Beach County, Fla., with one branch to be ranked No. 46 with a 0.08% share of approximately $48.72 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 163.50 173.58
Price / Tangible Book (%) 164.11 174.14
Price / LTM EPS (x) 34.74 35.62
Price / Deposits (%) 24.03 31.78
Price / Assets (%) 19.64 24.93
Tang Book Premium / Core Deposits (%) 12.04 17.16


Deal Terms

Description of Consideration
Home BancShares Inc. paid $1.03 per share in cash and exchanged 0.1518 shares of its common stock for each outstanding share of Giant Holdings Inc. Target financials are for Landmark Bank NA. Stock consideration was subject to adjustment based on Home BancShares Inc.'s closing price within a $17.05-$25.57 cap/floor.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) 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) NA
Termination Fee ($000) NA  
Exchange Ratio
(Common For Common)
0.1518  
         
Consideration Breakout
Cash ($M)   18.6
Common Stock ($M)   77.4
Common Shares Issued   2,738,038
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
Stephens Inc.
 
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mitchell Williams Selig Gates
 
Seller Yes Smith Mackinnon PA

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