NCBS - Mackinac Financial soars after Nicolet Bankshares agrees to buy at 69% premium

Mackinac Financial (MFNC) stock jumps 52% to $20.10 in premarket trading after Nicolet Bankshares (NCBS) agrees to acquire Mackinac and its mBank subsidiary for ~$248M in stock and cash, expanding Nicolet's reach into northern Michigan.Under the terms of the agreement, MFNC shareholders will get 0.22 shares of NCBS stock and $4.64 in cash for each share of MFNC stock.The total consideration will consist of ~80% stock and 20% cash.Based on NCBS closing price of $84.40 on April 9, the implied price is $23.21 per Mackinac share, or a 69% premium to MFNC's closing price of $13.70 on April 9.The estimated transaction value is a 1.69 multiple of Mackinac's tangible book value as of Dec. 31, 2020 and equates to ~18.3x Mackinac's 2020 EPS.The companies expect the transaction to close in Q3 2021.Based on financial results as of Dec. 31, 2020, the combined company will have pro forma total assets of $6.1B, deposits

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Mackinac Financial soars after Nicolet Bankshares agrees to buy at 69% premium