Further two situations are very similar all cash nano cap ($10m and $35m respectively) bank acquisitions. Both target companies used to be mutual holding companies until the conversion to conventional banks. Aside from being listed in pink sheets and low liquidity, the reason for the spreads might be uncertainty towards the final price of the consideration.
CAFCU - Ben Franklin Bank (BFFI) All Cash Merger
Spread: 10%-14%. Closing: early 2020