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Nicolet Bankshares' initial bid for Choice Bancorp included mix of stock, cash

In March, multiple institutions submitted initial indications of interest for a potential transaction with Oshkosh, Wis.-based Choice Bancorp Inc.

Green Bay, Wis.-based Nicolet Bankshares Inc. submitted a proposal that valued Choice at about $27.00 per share, and included a mix of stock and cash as the form of consideration.

Choice's board decided to move forward with Nicolet and one other party.

On March 28, Nicolet submitted a revised letter of intent that proposed a 0.5 fixed exchange ratio whereby it would buy Choice in an all-stock deal. Nicolet provided an updated letter of intent on May 23 that confirmed that proposal.

Choice's board ultimately approved moving forward with a definitive agreement with Nicolet.

The companies executed the merger agreement June 26 and announced it the following day.

If the deal falls through under certain circumstances, Choice must pay Nicolet a termination fee of $3.0 million.