Regulatory approval is managed by the buyer.
If an application is “informationally complete,” it is supposed to be approved 91 days after filing by statute.
The process could be delayed by information requests from the regulators pushing the “informationally...
Legal counsel should guide you through the process of calling a special meeting of the shareholders for the purpose of voting on the merger.
Your corporate documents should spell this all out.
Let your legal counsel review them and guide you to ensure things are done in accordance with...
You’ve hammered out the definitive agreement, announced the signing of the agreement and upcoming merger to your employees, customers, and shareholders, and you are back to the execution of the definitive agreement.
Back to embracing the grind.
The grind is going...
Following the announcement of the signing of the definitive agreement and the upcoming merger, you will notice a subtle emotional shift from your customers and employees.
It’s normal and expected, but it is almost immediate.
It can be a bit of a surprise at the swiftness of...
Your board has approved the transaction, and the buyer will be seeking approval of the transaction from their board as well.
The two meetings are typically scheduled very close to one another from a date and time perspective.
Once both approvals have taken place, it’s time to share...
Okay, you have signed the letter of intent (LOI).
You have agreed on a framework of terms for merging your bank into the buyer’s bank.
This is still non-binding – it is a letter of intent.
Confidentiality is still critical.
Just ask the PGA – they were at...
So, let’s run through a scenario where you have narrowed your offers down to two.
Tensions are mounting on all sides.
To get to this point, there has been seven months of very hard work.
That work has been done with very few people even knowing you have been working on it.
...
Have a preparatory meeting with your deal team prior to the management meeting with each potential buyer.
Emphasize to them that you do not have any insight into the buyer’s strategy, but that you have a few educated guesses as to what they think may make a powerful combination. Then...
You now have two offers who are very close to one another, and we’re trying to get some distance between them.
You have asked each suitor to go to the next step in dialing in their offers a bit more.
To do so, they are going to want more information to be able to see if they...
As the initial written, non-binding offers came in during our sale process, the investment bankers began to dissect the offers and build a spreadsheet for their study.
While deconstructing our offers, questions arose that required added follow-up by the investment bankers. They...
Your board decided to pursue the possibility of the sale of your bank.
Information has been collected, organized, and conference calls between the investment bankers have taken place to ensure that the information is a fair representation of the bank.
Research has been...
There are “serial” acquirers.
There are “occasional” acquirers.
There are “future” acquirers.
And there are “lurkers.”
Serial acquirers are just that. It’s part of, if not all, their overall growth strategy. They are very...
