# Investcorp Credit Management BDC Shares Gain 53.54% After Merger Deal

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/55482
Published: 2026-11-12T14:11:40.000Z
Updated: 2026-11-12T14:11:40.000Z
Section: Business

> The agreement sets aggregate consideration at 90% of ICMB’s net asset value at closing, subject to transaction-related adjustments.

Investcorp Credit Management BDC, Inc. shares climbed 53.54% after hours Wednesday after it and BCP Investment Corporation announced a merger agreement tying stockholder consideration to net asset value.

ICMB traded at $0.9490 at 7:59 p.m. ET Wednesday, Nov. 11 (12:59 a.m. UTC Nov. 12), up from a regular-session close of $0.6181. The companies announced the definitive merger agreement at 6 p.m. ET (11 p.m. UTC) that day.

The agreement sets aggregate consideration at 90% of ICMB’s net asset value at closing. Transaction costs, debt repayment and certain tax items may change the final amount. BCP shares would account for part of the payment and be valued at 100% of BCP’s net asset value per share at closing. Issuance is capped at 19.99% of BCP common shares outstanding when the agreement was signed; any remaining consideration would be paid in cash.

The Sept. 30 net asset values, adjusted for currently estimated transaction expenses, were $2.76 per ICMB share and $13 per BCP share. At 90% of ICMB’s net asset value, those figures imply about $2.49 per ICMB share under current estimates. Using BCP’s Nov. 9 closing price of $6.57 and ICMB’s $0.61 close, the market-price calculation produced an estimated value of about $1.38 per ICMB share, a 126% premium to ICMB’s close that day. That estimate is not a fixed cash price; final consideration will depend on net asset values at closing and remain subject to adjustments.

ICMB’s board unanimously approved the transaction after a recommendation from its independent special committee. Holders representing about 41% of ICMB shares outstanding on Nov. 9, including some directors and executive officers, committed to support the deal. ICMB investors are projected to hold up to roughly 16.7% of the merged company.

BCP Investment Corporation CEO and Chairman of the Board Ted Goldthorpe said, “This transaction marks another step in executing our vision of driving consolidation across the BDC sector.”

The Investment Company Act of 1940 governs business development companies (BDCs). ICMB invests primarily in middle-market companies, while BCP’s portfolio includes term loans, mezzanine investments and selected equity securities.

The merger requires ICMB stockholder approval and other customary closing conditions. The companies target a first-quarter 2027 closing.