Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
Anchor BanCorp Wisconsin Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/11/2016
Announcement Date:
1/12/2016
Announced Deal Value ($ M):
445.11
Status:
Completed
Completion Date:
5/1/2016
Announced Deal Value Per Share ($ )
46.07

Consideration Breakout
Cash ($M) 187.4
Common Stock ($M) 275.8
Common Stock Issued 20,415,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 120.6 125.5
Price / Tangible Book (%) 120.6 125.5
Price / Earnings (x) 3.2 3.3
Price / Deposits (%) 24.18 25.17
Price / Assets (%) 19.80 20.60
Tangible Book Premium/ Deposits (%) 4.42 5.44
Deal Terms
Description of Consideration

Old National Bancorp paid $48.50 per share in cash or exchanged 3.5505 shares of its common stock for each outstanding share of Anchor BanCorp Wisconsin Inc., subject to 60% of the consideration paid in stock.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 111,347
Estimated Cost Savings (%) 32.00
Estimated Cost Savings ($ 000) 27,756
Est. Restructuring Charges ($ 000) 39,000
Maximum Termination Fee ($ 000) 15,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.550500
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) 21,600
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes J.P. Morgan Securities LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Skadden Arps Slate Meagher