Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
ANB Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
7/30/1999
Announcement Date:
7/30/1999
Announced Deal Value ($ M):
212.80
Status:
Completed
Completion Date:
3/10/2000
Announced Deal Value Per Share ($ )
37.58

Consideration Breakout
Common Stock ($M) 179.2
Common Stock Issued 7,669,301

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 280.9 237.4
Price / Tangible Book (%) 347.3 279.9
Price / Earnings (x) 23.3 20.9
Price / Deposits (%) 40.49 26.48
Price / Assets (%) 33.12 21.49
Tangible Book Premium/ Deposits (%) 37.21 22.10
Deal Terms
Description of Consideration

ANB Corp. shareholders received 1.3125 shares of Old National common for each share of common held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 5,800
Est. Restructuring Charges ($ 000) 9,150
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.312500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 27.7000
% of Shares Outstanding 19.90
Shares Under Option 1,083,753
Core Deposit Intangibles ($ 000) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Sullivan & Cromwell LLP