Midland States to acquire Alpine Bancorporation in roughly $181M deal
Midland States Bancorp and Alpine Bancorporation announced that they have entered into a definitive agreement under which Midland will acquire Alpine in a cash and stock transaction valued at approximately $181M. Under the terms of the definitive agreement, upon consummation of the transaction, Alpine shares, in the aggregate, will be exchanged for approximately 4.5M shares of Midland common stock and $33.3M in cash. Based upon the closing price of Midland common stock of $33.10 on October 13, 2017, this represents transaction value of approximately $181M. Midland expects the transaction to be approximately 10% accretive to earnings per share in 2019, the first full year of combined operations. Midland also expects to incur tangible book value per share dilution of approximately 6% upon the closing of the transaction, with an expected earn-back period of approximately 3.5 years using the "cross-over" method. The transaction has been approved unanimously by each company's board of directors and is expected to close during the first quarter of 2018, subject to regulatory approvals, the approval of Alpine's and Midland's shareholders, and the satisfaction of customary closing conditions.