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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Zions Bancorporation
Target: Aspen Bancshares, Inc.
Deal Type: Bank & Thrift Company
Agreement Date11/19/1996
Announcement Date11/19/1996
Announced Deal Value ($M)72.50
Completion Date5/16/1997
Announced Deal Value Per Share ($)19.25
Consideration Breakout
Common Stock ($M)91.9
Deal Pricing Ratios
Price / Book (%)237.1280.7
Price / Tangible Book (%)276.2323.0
Price / Earnings (x)16.522.2
Price / Deposits (%)18.6122.90
Price / Assets (%)16.3020.58
Tangible Book Premium/ Deposits (%)13.9518.77
Deal Terms
Description of Consideration
Aspen shareholders received 0.7387 share of Zions common stock for each Aspen share outstanding.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)NA
Estimated Cost Savings (%)15.00
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)2,500
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.738700
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)18.8800
% of Shares Outstanding19.90
Shares Under Option739,829
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesRothgerber Johnson & Lyons LLP

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