Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
Southern Bancshares, Ltd.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/27/1998
Announcement Date:
5/27/1998
Announced Deal Value ($ M):
80.90
Status:
Completed
Completion Date:
1/29/1999
Announced Deal Value Per Share ($ )
132.00

Consideration Breakout
Common Stock ($M) 98.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 345.6 378.5
Price / Tangible Book (%) 413.9 437.0
Price / Earnings (x) 33.5 35.3
Price / Deposits (%) 36.40 44.25
Price / Assets (%) 32.61 39.04
Tangible Book Premium/ Deposits (%) 30.42 37.54
Deal Terms
Description of Consideration

Old National exchanged 2.8875 shares for each Southern share held.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 0.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 2.887500
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) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Lindquist & Vennum LLP