Return to Mergers & Acquisitions

Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
Empire Capital Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
10/2/1992
Announcement Date:
10/2/1992
Announced Deal Value ($ M):
8.30
Status:
Completed
Completion Date:
2/28/1993
Announced Deal Value Per Share ($ )
1,380.00

Consideration Breakout
Cash ($M) 0.1
Common Stock ($M) 8.9
Common Stock Issued 356,400

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 127.1 138.6
Price / Tangible Book (%) 127.1 138.6
Price / Earnings (x) 11.7 11.1
Price / Deposits (%) 15.21 16.53
Price / Assets (%) 13.48 14.68
Tangible Book Premium/ Deposits (%) 3.61 5.08
Deal Terms
Description of Consideration

Empire Capital shareholders had the option to receive either 60 shares of First Busey Class A common or $1,380 in cash for each share held. Seller's financials are for Le Roy State Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 1,745
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 60.000000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Saint & Carmichael PC