Monitor regulatory approval timeline and Citizens shareholder vote; watch for potential competing bids given the $3 million termination fee and defined 'Superior Proposal' provisions.
Price Chart
Executive Summary
Peoples Bancorp Inc. (PEBO) will acquire Citizens National Corporation in a cash-and-stock transaction valued at approximately $97 million. Each Citizens shareholder will receive 2.10 PEBO shares and $8.00 in cash per share. The deal, expected to close in 2027, is structured as a reorganization and includes a $3 million termination fee.
Key Financial Metrics
Key Facts
- Peoples Bancorp (PEBO) is acquiring Citizens National Corporation
- Transaction structure: 2.10 PEBO shares + $8.00 cash per Citizens share
- Citizens has approximately 976,924 shares outstanding
- Deal valued at approximately $97 million based on current exchange terms
- Transaction structured as a reorganization under tax code Section 368(a)
- Citizens shareholders will receive $3 million termination fee if deal fails under specified circumstances
- Closing expected by March 31, 2027, subject to regulatory and shareholder approvals
Financial Impact
Approximately $97 million total transaction value based on 976,924 shares outstanding at 2.10 shares and $8.00 cash per share
Risk Factors
- Regulatory approval risk from Federal Reserve and Ohio Division of Financial Institutions
- Citizens shareholder approval requirement
- Market price fluctuations affecting the stock component of consideration
- Potential competing acquisition proposals
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000318300-26-000145 |
| Document: pebo-20260424.htm | 0000318300-26-000145 |
| Document: 0000318300-26-000145-index-headers.html | 0000318300-26-000145 |
| Document: 0000318300-26-000145-index.html | 0000318300-26-000145 |
| Document: 0000318300-26-000145.txt | 0000318300-26-000145 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $38.20 | awaiting T+1 | — | $38.48 (+0.73%) |
Oct 22, 2026 4d ago | 144 | $38.19 $38.20 | ▲ +0.03% | ▲ +0.55% | $38.48 (+0.76%) |
Oct 20, 2026 6d ago | 8-K | $37.56 $37.33 | ▼ −0.61% | ▼ −1.14% | $38.48 (+2.45%) |
Oct 20, 2026 6d ago | Press Release | $37.56 $37.33 | ▼ −0.61% | ▼ −1.14% | $38.48 (+2.45%) |
Oct 5, 2026 21d ago | 8-K | $36.73 $36.12 | ▼ −1.66% | ▼ −1.42% | $38.48 (+4.76%) |
Sep 30, 2026 26d ago | 8-K | $36.59 $36.89 | ▲ +0.82% | ▲ +0.64% | $38.48 (+5.17%) |
Sep 30, 2026 26d ago | Press Release | $36.59 $36.89 | ▲ +0.82% | ▲ +0.64% | $38.48 (+5.17%) |
Sep 28, 2026 28d ago | Press Release | $38.87 $36.59 | ▼ −5.87% | ▼ −5.66% | $38.48 (−1.00%) |
Jul 27, 2026 13w ago | 8-K | $42.23 $42.00 | ▼ −0.54% | ▲ +0.99% | $38.48 (−8.88%) |
Jul 21, 2026 13w ago | 8-K | $39.50 $40.07 | ▲ +1.44% | ▲ +1.56% | $38.48 (−2.58%) |
US Market Status
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