MB Financial Inc. (MBFI) and Taylor Capital Group Inc. (TAYC) announced the signing of a definitive merger agreement, under which, MB Financial will acquire Taylor Capital. The per share merger consideration is currently valued at approximately $22.00 per Taylor Capital share, resulting in an overall transaction value of approximately $680 million, inclusive of stock option, warrant and restricted stock cash-outs.
Upon completion of the merger, each share of Taylor Capital common stock and nonvoting preferred stock will be converted into the right to receive 0.64318 shares of MB Financial common stock and $4.08 in cash, representing an aggregate consideration mix of approximately 81% MB Financial stock and 19% cash.
Taylor Capital is the holding company of Cole Taylor Bank, a commercial bank headquartered in Chicago with $5.9 billion in assets, $3.3 billion in loans and $3.7 billion in deposits as of June 30, 2013.
MB Financial is the Chicago-based holding company of MB Financial Bank, N.A. MB Financial expects the acquisition will nearly double its middle market commercial banking market share in the Chicago area.
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