Financial Advisor
Fulton Financial Corp.
M&A Advisory
Has Acquired
Transaction Details
- On March 2, 2022, Fulton Financial Corporation (NASDAQ: FULT) (“Fulton”) and Prudential Bancorp, Inc. (NASDAQ: PBIP) (“Prudential”) announced that they have entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) under which Prudential will merge with and into Fulton in a stock and cash transaction.
- Under the terms of the Merger Agreement, Prudential shareholders will receive Fulton common stock based on a fixed exchange ratio of 0.7974 Fulton shares and $3.65 in cash for each Prudential share they own. The implied value of the transaction, based on the 10-day volume weighted average stock price of $18.01 for Fulton’s common stock for the period ending March 1, 2022, is approximately $142.1 million in the aggregate, or $18.01 per Prudential common share.
- As part of this acquisition, Fulton Financial Corporation will make a $2 million contribution to the Fulton Forward® Foundation, designated to be used to provide impact gifts in support of nonprofit community organizations in Philadelphia that are focused on advancing economic empowerment, particularly in underserved communities.
- The merger is expected to close in the third quarter of 2022
Sources: Company Documents, S&P Global Market Intelligence and publicly available information. Note: Market data as of 3/1/2022.
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1) Based on a 10-day volume weighted average price per share of $18.01 of FULT as of March 1, 2022.
2) Reflects Fulton Financial Corporation’s consolidated financials as of December 31, 2021.
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