Home Equities Score Why Did The MFNC Stock Skyrocket In The Last Session?

Why Did The MFNC Stock Skyrocket In The Last Session?

At the end of the day on 04/13/21, Mackinac Financial Corporation (NASDAQ: MFNC) closed with a 60.67% gain at $21.16. At the close of the day, the Mackinac stock fell as much as $18.93 and raised as much as $21.16. On a more long-term basis, the MFNC stock ranged between $8.08 and $21.95 over the previous 52 weeks. After receiving a merger offer, the MFNC stock skyrocketed.

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What was the offer?

Listed on the New York Stock Exchange, Mackinac Financial Corporation is a bank holding company. With assets of $1.5 billion, MFNC was incorporated under the Bank Holding Companies Act of 1956. The MFNC subsidiary mBank is fundamental to the MFNC.

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A definitive merger agreement between Nicolet Bankshares and Mackinac was announced jointly by both banks yesterday.

MFNC and its wholly-owned bank subsidiary, mBank, will be acquired by Nicolet pursuant to the agreement.

  • Financial results as of December 31, 2020, indicate the pro forma total assets for the combined company will be $6 billion, with deposits of $5 billion and loans of $3 billion.
  • MFNC shareholders will receive 0.22 shares of Nicolet’s common stock and $4.64 for each share of MFNC common stock in the merger agreement, with the total consideration to be comprised of 80% equity and 20% cash.
  • Given a closing price of $84.40 for Nicolet Bancshares on April 9, 2021, the implied share price is $23.21, and the aggregate transaction value amounts to $248 million.
  • In the year-end, approximately 25% of the combined company’s assets would be accounted for by MFNC.

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Does it benefit the MFNC?

The offer represents a 1.69 multiple of Mackinac (MFNC)’s tangible book value by December 31, 2020. Similarly, the comparable measure is 18.3 times MFNC’s earnings per share in the previous year.

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