Comparable Choice Problem

Hi everyone!

I'm performing the public comparable analysis of a commercial bank as a self-case of study and I chose the comparable banks with geographical, service, and size factors. I ended up with a good range of comparable, but while I was checking my group I discovered that a comparable bank was undertaking a takeover of another of mine comparable. The takeover will be performed gradually over the next three years.

My question is: Assuming that my group of comparable is composed by 5 bank comprised the one I'm valuing, can I use both the comparable even if a there is a takeover in the background? If it isn't advisable, what do you suggest? Can I use only 3 comp. or should I use another bank?

My problem principally arise by the fact that if I discard a comp. and I want to replace it with another comp. it would be either in an "infant-stage" or would not respect the geographical factor. Otherwise to use a big bank with a full range of service would be an error in my opinion.

I've tried to describe my situation as clear as possible. I'm not a professional and this one is my first attempt to perform a full valuation. Moreover, I've not access to any valuable instrument such as Bloomberg, Thomson One, or Capital IQ so have mercy of me!