Horizon Bancorp, Inc. | Stephens

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Financial Advisor And Fairness Opinion

Horizon Bancorp, Inc.

$135.3 Million 10/29/2018 Depository Complete
Lead Bankers: Jim Hemmer, Adam Cunningham
Public Companies
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Transaction Details

  • On October 29, 2018 — Horizon Bancorp, Inc. (NASDAQ GS: HBNC) (“Horizon”) and Salin Bancshares, Inc. (“Salin”) announced that they executed a definitive agreement whereby Horizon will combine with Salin, and Horizon’s wholly-owned subsidiary, Horizon Bank, will combine with Salin’s wholly-owned subsidiary, Salin Bank & Trust Company
  • Based on the terms of the agreement, shareholders of Salin will receive $87,417.17 in cash and 23,907.5 shares of Horizon common stock for each share of Salin common stock. Based upon Horizon’s closing price on the day before the announcement of $16.95, the aggregate transaction value is approximately $135.3 million
  • Consideration mix: approximately 82% stock / 18% cash
  • Price / Tangible Book Value: 1.68x
  • This merger will enhance Horizon’s core deposit base, expand Horizon’s presence throughout Central and Northeast Indiana, add new offices in the growth markets of Fort Wayne and Columbus and expand its existing presence in the vibrant markets of Indianapolis and Lafayette
  • The merger is expected to be completed in the first quarter of 2019(1)
Sources: Company filings, SNL Financial and publicly available information.
  1. (1)Subject to approval by bank regulatory authorities and the shareholders of Salin.

    (2)All transaction multiples referenced herein per public filings related to the transaction dated October 29, 2018.

    (3)Based on HBNC’s closing stock price as of October 26, 2018.

    (4)Financial impact of HBNC at estimated closing (EPS accretion excludes one-time deal related charges).

    (5)Salin highlights per Press Release dated October 29, 2018.

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