Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
Midwest Bancorporation, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/8/1993
Announcement Date:
2/8/1993
Announced Deal Value ($ M):
11.80
Status:
Completed
Completion Date:
7/1/1993
Announced Deal Value Per Share ($ )
2,546.73

Consideration Breakout
Common Stock ($M) 11.0
Common Stock Issued 393,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 208.0 193.5
Price / Tangible Book (%) 208.0 193.5
Price / Earnings (x) 9.9 9.2
Price / Deposits (%) 12.55 11.70
Price / Assets (%) 10.91 10.17
Tangible Book Premium/ Deposits (%) 3.32 2.44
Deal Terms
Description of Consideration

Midwest Bancorporation shareholders received 84.619 shares of Commerce Bancshares common for each share held. Seller's financials are for Farmers State Bank & Trust, Hays, KS. Pricing ratios reflect $2.8M in HC debt.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? NA
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) 84.619000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Gage & Tucker