Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bank of Kansas City
Target:
Liberty Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/18/1994
Announcement Date:
2/18/1994
Announced Deal Value ($ M):
10.30
Status:
Completed
Completion Date:
9/1/1994
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 8.7
Common Stock Issued 263,794

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 153.6 152.9
Price / Tangible Book (%) 153.6 152.9
Price / Earnings (x) 29.5 38.5
Price / Deposits (%) 11.98 10.02
Price / Assets (%) 11.04 9.35
Tangible Book Premium/ Deposits (%) 5.29 4.52
Deal Terms
Description of Consideration

Liberty Bancshares shareholders received 271.95 shares of Commerce common stock for each shares held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 3,717
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) 271.950000
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Stinson LLP