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Why Did The MFNC Stock Skyrocket In The Last Session?

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DNAY Stock

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.

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.

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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