Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
CBI-Illinois, Inc
Target:
Peoples Mid-Illinois Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
9/26/1994
Announcement Date:
9/26/1994
Announced Deal Value ($ M):
89.30
Status:
Completed
Completion Date:
3/8/1995
Announced Deal Value Per Share ($ )
25.16

Consideration Breakout
Common Stock ($M) 91.1
Common Stock Issued 2,961,266

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 178.8 179.7
Price / Tangible Book (%) 178.8 179.7
Price / Earnings (x) 14.3 15.0
Price / Deposits (%) 30.46 30.73
Price / Assets (%) 20.25 20.09
Tangible Book Premium/ Deposits (%) 14.34 14.28
Deal Terms
Description of Consideration

Peoples Mid-Illinois shareholders received 0.8386 shares of Commerce commonfor each 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 (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.838600
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 24.0000
% of Shares Outstanding 19.90
Shares Under Option 882,042
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Stifel Nicolaus & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Hinshaw & Culbertson LLP