Mid Penn Bancorp (MPB) and William Penn Bancorporation (WMPN) jointly announced that they have entered into a definitive agreement and plan of merger, pursuant to which William Penn will merge with and into Mid Penn in an all-stock transaction valued at approximately $127M, based on Mid Penn’s closing stock price as of October 30. The Merger has been approved unanimously by each company’s board of directors and is expected to close in the first half of 2025. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Mid Penn and William Penn shareholders. According to the terms of the merger agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. Based on Mid Penn’s closing stock price of $31.88 per share as of October 30, the implied transaction value is approximately $13.58 per William Penn share, or $127M, in the aggregate. The merger is expected to be immediately accretive to Mid Penn’s estimated earnings per share and to have a positive long-term impact on Mid Penn’s key profitability and operating ratios.
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