Wintrust Financial To Acquire Macatawa Bank Corporation In An All-Stock Transaction, Aggregate Purchase Price Is Estimated To Be ~$510.3M Or $14.85 Per Share; Transaction Expected To Close In Second Half Of 2024 And Is Not Expected To Have A Material Effect On Wintrust's 2024 EPS
Portfolio Pulse from Benzinga Newsdesk
Wintrust Financial is set to acquire Macatawa Bank Corporation in an all-stock transaction valued at approximately $510.3 million, or $14.85 per share. The deal is anticipated to close in the second half of 2024 and is not expected to have a material effect on Wintrust's financials for that year.
April 15, 2024 | 8:07 pm
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NEUTRAL IMPACT
Wintrust Financial's acquisition of Macatawa Bank Corporation is a strategic move, valued at approximately $510.3 million. The transaction, expected to close in the second half of 2024, is not anticipated to materially affect Wintrust's 2024 financials.
The acquisition is significant for Wintrust's expansion but is not expected to have a material effect on its 2024 financials, indicating a neutral short-term impact on its stock price. The strategic nature of the acquisition could be viewed positively, but the lack of immediate financial impact tempers expectations for short-term price movement.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Macatawa Bank Corporation is being acquired by Wintrust Financial in an all-stock deal valued at about $510.3 million, or $14.85 per share. The transaction is slated for completion in the second half of 2024.
The acquisition price of approximately $14.85 per share represents a significant event for Macatawa Bank Corporation shareholders. The all-stock nature of the deal and its valuation suggest a positive short-term impact on MCBC's stock price, as the market typically reacts favorably to acquisition announcements, especially when a premium is involved.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90