Mergers & Acquisitions

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Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bancorp.
Target:
MainSource Financial Group, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/25/2017
Announcement Date:
7/25/2017
Announced Deal Value ($ M):
1,005.57
Status:
Completed
Completion Date:
4/1/2018
Announced Deal Value Per Share ($ )
38.57

Consideration Breakout
Common Stock ($M) 1,044.0
Common Stock Issued 36,141,090

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 202.6 204.5
Price / Tangible Book (%) 266.4 NA
Price / Earnings (x) 22.4 19.6
Price / Deposits (%) 31.87 31.24
Price / Assets (%) 24.88 23.09
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

First Financial Bancorp. exchanged 1.3875 shares of its common stock for each of the outstanding share of MainSource Financial Group Inc. First Financial Bancorp. also assumed MainSource Financial Group Inc.’s debt, including a letter of credit from U.S. Bank and trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 675,643
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 48,000
Est. Restructuring Charges ($ 000) 63,000
Maximum Termination Fee ($ 000) 40,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.387500
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) 42,887
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Squire Patton Boggs (US) LLP
Seller Yes SmithAmundsen