Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
Klein Financial, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/20/2018
Announcement Date:
6/21/2018
Announced Deal Value ($ M):
433.80
Status:
Completed
Completion Date:
11/1/2018
Announced Deal Value Per Share ($ )
150.88

Consideration Breakout
Common Stock ($M) 406.5
Common Stock Issued 22,771,630

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 203.9 197.7
Price / Tangible Book (%) 235.8 229.7
Price / Earnings (x) 19.6 17.8
Price / Deposits (%) 25.40 23.64
Price / Assets (%) 22.00 20.61
Tangible Book Premium/ Deposits (%) 14.88 13.59
Deal Terms
Description of Consideration

Old National Bancorp exchanged 7.92 shares of its common stock for each of the outstanding share of Klein Financial Inc.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 234,000
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 21,600
Est. Restructuring Charges ($ 000) 40,300
Maximum Termination Fee ($ 000) 17,079
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 7.920000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 30,060
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 Dorsey & Whitney LLP