Banker board books
When a company is taken private by an affiliate, the buyer has to disclose every report its financial adviser gave the board, and file those materials as exhibits. So the presentations below are not summaries of a banker’s work. They are the board decks themselves, with the premium, the comparable set and the discussion materials as the directors saw them.
Everything here is public and lives on sec.gov. Nothing is copied or re-hosted: each link opens the filing. Cut the set by year, sector, buyer, adviser and deal size, the way a paid deal database would.
280 take-privates since 2020, 183 with adviser materials, 1,204 exhibits, $236bn of stated value across 231 with a fee-table figure. Indexed through 2026Q4.
Precedent multiples in this cut
Offer, premiums and last-twelve-month figures read from each Schedule 13E-3 and the target’s own XBRL filings. Quartiles over the deals that pass every cross-check.
| Measure | Deals | 25th | Median | 75th |
|---|---|---|---|---|
| EV / LTM EBITDA | 70 | 5.7x | 11.9x | 19.4x |
| EV / LTM revenue | 123 | 0.6x | 1.2x | 2.9x |
| Premium to unaffected price | 102 | 26% | 42% | 57% |
| Premium to 30-day VWAP | 43 | 25% | 39% | 52% |
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Baldwin Insurance Group, Inc.
Schedule 13E-3 filed 2026-10-15 · Financials · Insurance Agents Brokers & Services
- Adviser materials for the boardEX-99.(c)(3) · filed 2026-10-1511 KB
- Adviser materials for the boardEX-99.(c)(4) · filed 2026-10-1514 KB
- Adviser materials for the boardEX-99.(c)(6) · filed 2026-10-1513 KB
- Adviser materials for the boardEX-99.(c)(7) · filed 2026-10-1520 KB
- Adviser materials for the boardEX-99.(c)(9) · filed 2026-10-1518 KB
- Adviser materials for the boardEX-99.(c)(12) · filed 2026-10-1515 KB
- Adviser materials for the boardEX-99.(c)(13) · filed 2026-10-1513 KB
- Adviser materials for the boardEX-99.(c)(14) · filed 2026-10-1515 KB
UTAH MEDICAL PRODUCTS INC
Schedule 13E-3 filed 2026-09-24 · Healthcare · Surgical & Medical Instruments & Apparatus
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
ReNew Energy Global plc
Schedule 13E-3 filed 2026-09-22 · 1 amendment · Utilities · Electric Services
- Discussion materials for the Special Committee, 10 August 2026EX-99.(c)(2) · Rothschild · filed 2026-09-22131 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 6 August 2026EX-99.(c)(3) · Rothschild · filed 2026-09-22132 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 31 July 2026EX-99.(c)(4) · Rothschild · filed 2026-09-22127 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 12 June 2026EX-99.(c)(5) · Rothschild · filed 2026-09-22127 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 7 May 2026EX-99.(c)(6) · Rothschild · filed 2026-09-22125 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 10 August 2026EX-99.(c)(2) · Rothschild · filed 2026-09-23131 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 6 August 2026EX-99.(c)(3) · Rothschild · filed 2026-09-23132 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 31 July 2026EX-99.(c)(4) · Rothschild · filed 2026-09-23127 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 12 June 2026EX-99.(c)(5) · Rothschild · filed 2026-09-23127 KB
Trading compsPrecedent transactionsPremiums paidSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Discussion materials for the Special Committee, 7 May 2026EX-99.(c)(6) · Rothschild · filed 2026-09-23125 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
Distribution Solutions Group, Inc.
Schedule 13E-3 filed 2026-09-01 · Industrials · Wholesale-Machinery, Equipment & Supplies
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 21 April 2026EX-99.(c)(ii) · William Blair · filed 2026-09-0118 KB
- Project Eclipse: discussion materials for the Board of Directors, April 2026EX-99.(c)(iii) · William Blair · filed 2026-09-0148 KB
Trading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsManagement projections
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 8 May 2026EX-99.(c)(iv) · William Blair · filed 2026-09-0147 KB
Trading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsManagement projections
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 5 June 2026EX-99.(c)(v) · William Blair · filed 2026-09-0132 KB
DCF52-week rangeAnalyst price targetsFootball fieldSensitivitiesManagement projections
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 9 June 2026EX-99.(c)(vi) · William Blair · filed 2026-09-0136 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsFootball fieldSensitivitiesManagement projections
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 18 June 2026EX-99.(c)(vii) · William Blair · filed 2026-09-0133 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsFootball fieldSensitivitiesManagement projections
- Project Eclipse: discussion materials for the Special Committee of the Board of Directors, 15 July 2026EX-99.(c)(viii) · William Blair · filed 2026-09-0147 KB
DCFTrading compsPrecedent transactionsPremiums paidLBOFootball fieldSensitivitiesManagement projections
- Project Eclipse: discussion materials, May 2026EX-99.(c)(ix) · filed 2026-09-0122 KB
Bowhead Specialty Holdings Inc.
Schedule 13E-3 filed 2026-08-31 · 3 amendments · Financials · Fire, Marine & Casualty Insurance
- Discussion materials, 13 March 2026EX-99.(c)(10) · filed 2026-08-3179 KB
- Board pack: analyst targets and cost of capitalEX-99.(c)(11) · Stifel · filed 2026-08-3124 KB
- Project Trident: fairness opinion for the Board of Directors, 30 July 2026EX-99.(c)(12) · filed 2026-08-3193 KB
Trading compsPrecedent transactionsPremiums paidAnalyst price targetsWACC
Personalis, Inc.
Schedule 13E-3 filed 2026-08-31 · 1 amendment · Healthcare · Services-Medical Laboratories
- Project Aviary: presentation for the Board of Directors, 2 February 2026EX-99.(c)(4) · filed 2026-08-3135 KB
DCF52-week rangeAnalyst price targetsWACCAccretion / dilution
- Presentation for the Board of Directors, 6 February 2026EX-99.(c)(5) · TD Cowen, Centerview · filed 2026-08-3178 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivitiesManagement projections
- Situation updateEX-99.(c)(7) · filed 2026-08-3114 KB
- Presentation for the Board of DirectorsEX-99.(c)(8) · TD Cowen, Centerview · filed 2026-08-31105 KB
DCFTrading compsPrecedent transactions52-week rangeAnalyst price targetsWACCSensitivitiesAccretion / dilutionManagement projections
- Adviser materials for the boardEX-99.(c)(16) · filed 2026-08-3111 KB
- Board pack: DCF, trading comps and precedentsEX-99.(c)(17) · TD Cowen · filed 2026-08-3143 KB
DCFTrading compsPrecedent transactions52-week rangeAnalyst price targetsWACCManagement projections
- Board pack: DCF, trading comps and accretion and dilutionEX-99.(c)(19) · Morgan Stanley · filed 2026-08-3131 KB
DCFTrading comps52-week rangeAnalyst price targetsWACCSensitivitiesAccretion / dilution
Utz Brands, Inc.
Schedule 13E-3 filed 2026-08-24 · 2 amendments · Consumer & Retail · Miscellaneous Food Preparations & Kindred Products
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
LogicMark, Inc.
Schedule 13E-3 filed 2026-08-14 · 3 amendments · Healthcare · Orthopedic, Prosthetic & Surgical Appliances & Supplies
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
Perfect Corp.
Schedule 13E-3 filed 2026-07-31 · 1 amendment · Technology · Services-Prepackaged Software
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
Cloopen Group Holding Ltd
Schedule 13E-3 filed 2026-06-02 · 2 amendments · Technology · Services-Prepackaged Software
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
IHS Holding Ltd
Schedule 13E-3 filed 2026-05-19 · 2 amendments · Media & Telecom · Radio Telephone Communications
- Project Mango: non-binding proposal summary, 28 August 2025EX-99.(c)(2) · Citi · filed 2026-05-1997 KB
DCFSum of the parts52-week rangeAnalyst price targetsWACCManagement projections
- Project Mango: materials, February 2026EX-99.(c)(3) · filed 2026-05-1937 KB
DCF52-week rangeAnalyst price targetsWACCManagement projections
- Project World: discussion materials, 19 December 2025EX-99.(c)(4) · filed 2026-05-1954 KB
- Project World: discussion materials, 12 February 2026EX-99.(c)(5) · filed 2026-05-1954 KB
COSCIENS Biopharma Inc.
Schedule 13E-3 filed 2026-04-20 · 7 amendments · Materials · Perfumes, Cosmetics & Other Toilet Preparations
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
Forian Inc.
Schedule 13E-3 filed 2026-04-16 · 7 amendments · Technology · Services-Computer Processing & Data Preparation
- Adviser materials for the boardEX-99.(c)(1) · filed 2026-05-04 (amendment)15 KB
- Adviser materials for the boardEX-99.(c)(2) · filed 2026-05-04 (amendment)45 KB
- Adviser materials for the boardEX-99.(c)(3) · filed 2026-05-04 (amendment)21 KB
- Adviser materials for the boardEX-99.(c)(4) · filed 2026-05-04 (amendment)23 KB
- Adviser materials for the boardEX-99.(c)(5) · filed 2026-05-04 (amendment)23 KB
- Adviser materials for the boardEX-99.(c)(6) · filed 2026-05-04 (amendment)26 KB
- Adviser materials for the boardEX-99.(c)(7) · filed 2026-05-04 (amendment)64 KB
KORE Group Holdings, Inc.
Schedule 13E-3 filed 2026-04-15 · 3 amendments · Media & Telecom · Communication Services, Nec
- Project Kona: discussion materials for the Special Committee, 9 April 2025EX-99.(c)(ii) · Rothschild · filed 2026-04-15100 KB
Premiums paidLBO52-week rangeAnalyst price targetsManagement projections
- Project Kona: materials for the Special Committee, 29 July 2025EX-99.(c)(iii) · Rothschild · filed 2026-04-1583 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivities
- Project Kona: update, October 2025EX-99.(c)(v) · filed 2026-04-1513 KB
- Project Kona: materials for the Special Committee, 4 November 2025EX-99.(c)(vi) · filed 2026-04-1513 KB
- Project Kona: update, November 2025EX-99.(c)(vii) · Rothschild · filed 2026-04-1577 KB
- Project Kona: update, 15 December 2025EX-99.(c)(viii) · Rothschild · filed 2026-04-1574 KB
- Project Kona: update, 1 January 2026EX-99.(c)(ix) · filed 2026-04-1530 KB
- Project Kona: materials, 11 February 2026EX-99.(c)(x) · Rothschild · filed 2026-04-1574 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivitiesProcess and outreach
- Project Kona: materials for the Special Committee, 22 February 2026EX-99.(c)(xi) · Rothschild · filed 2026-04-1575 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivitiesProcess and outreach
- Project Kona: fairness opinion for the Special Committee, 26 February 2026EX-99.(c)(xii) · Rothschild · filed 2026-04-1569 KB
DCFTrading compsPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivities
- Project King: discussion materials, August 2025EX-99.(c)(xiii) · filed 2026-04-1542 KB
- Project King: discussion materials, September 2025EX-99.(c)(xiv) · filed 2026-04-1554 KB
- Project King: discussion materials, September 2025EX-99.(c)(xv) · filed 2026-04-1535 KB
- Project Kona: discussion materials, September 2025EX-99.(c)(xvi) · filed 2026-04-1536 KB
- Project Kona: discussion materials, October 2025EX-99.(c)(xvii) · filed 2026-04-1517 KB
- Project Kona: discussion materials, October 2025EX-99.(c)(xviii) · filed 2026-04-1536 KB
- Adviser materials for the boardEX-99.(c)(xix) · TD Cowen · filed 2026-04-1596 KB
- Adviser materials for the boardEX-99.(c)(xx) · filed 2026-04-1517 KB
- Adviser materials for the boardEX-99.(c)(xxi) · filed 2026-04-1534 KB
- Adviser materials for the boardEX-99.(c)(xxii) · filed 2026-04-1534 KB
- Adviser materials for the boardEX-99.(c)(xxiii) · filed 2026-04-1514 KB
SELECT MEDICAL HOLDINGS CORP
Schedule 13E-3 filed 2026-04-15 · 3 amendments · Healthcare · Services-Hospitals
- Project Stallion: discussion materials, 1 March 2026EX-99.(c)(ii) · filed 2026-04-1539 KB
- Project Stallion: discussion materials, November 2025EX-99.(c)(iii) · filed 2026-04-1547 KB
Trading compsLBOSum of the parts52-week rangeAnalyst price targetsSensitivities
- Discussion materials, December 2025EX-99.(c)(iv) · Goldman Sachs · filed 2026-04-1551 KB
DCFLBOSum of the partsSensitivitiesManagement projectionsProcess and outreach
- Materials for the Special Committee, 12 January 2026EX-99.(c)(v) · Goldman Sachs · filed 2026-04-1587 KB
DCFPrecedent transactionsPremiums paidLBOSum of the parts52-week rangeAnalyst price targetsWACCSensitivitiesManagement projections
- Materials for the Special Committee, 29 January 2026EX-99.(c)(vi) · Goldman Sachs · filed 2026-04-1520 KB
- Materials for the Special Committee, 6 February 2026EX-99.(c)(vii) · Goldman Sachs · filed 2026-04-1559 KB
DCFPrecedent transactionsPremiums paidLBO52-week rangeAnalyst price targetsWACCSensitivitiesManagement projectionsProcess and outreach
- Materials for the Special Committee, 25 February 2026EX-99.(c)(xi) · filed 2026-04-1517 KB
- Discussion materials for the Special Committee, March 2026EX-99.(c)(xiii) · Goldman Sachs · filed 2026-04-1546 KB
DCFPrecedent transactionsPremiums paid52-week rangeAnalyst price targetsWACCSensitivitiesManagement projections
- Adviser materials for the boardEX-99.(c)(xiv) · Goldman Sachs · filed 2026-04-1535 KB
Mister Car Wash, Inc.
Schedule 13E-3 filed 2026-04-03 · 3 amendments · Other · Services-Automotive Repair, Services & Parking
- Project Boson: discussion materials, 17 February 2026EX-99.(c)(3) · Goldman Sachs, Centerview · filed 2026-04-0328 KB
DCFTrading comps52-week rangeAnalyst price targetsWACCManagement projections
- Project Boson: discussion materials for the Special Committee of the Board of Directors, 16 January 2026EX-99.(c)(4) · Centerview · filed 2026-04-0334 KB
DCFTrading comps52-week rangeAnalyst price targetsWACCManagement projections
- Project Boson: discussion materials for the Special Committee, 16 January 2026EX-99.(c)(5) · Bank of America · filed 2026-04-0366 KB
Trading compsPrecedent transactions52-week rangeAnalyst price targetsWACCManagement projections
- Board pack: DCF, trading comps and precedentsEX-99.(c)(6) · Bank of America · filed 2026-04-0367 KB
DCFTrading compsPrecedent transactions52-week rangeAnalyst price targetsWACCManagement projections
- Project Boson: discussion materials for the Special Committee, 16 January 2026EX-99.(c)(7) · Bank of America · filed 2026-04-0367 KB
Trading compsPrecedent transactions52-week rangeAnalyst price targetsWACCManagement projections
Kennedy-Wilson Holdings, Inc.
Schedule 13E-3 filed 2026-03-20 · 3 amendments · Real Estate · Real Estate
- Project Key West: discussion materials, November 2025EX-99.(c)(1) · Moelis · filed 2026-03-2028 KB
- Project Key West: discussion materials for the Special Committee of the Board of Directors, 24 November 2025EX-99.(c)(2) · Moelis · filed 2026-03-2028 KB
- Project Key West: discussion materials for the Special Committee of the Board of Directors, 23 December 2025EX-99.(c)(3) · Moelis · filed 2026-03-20185 KB
DCFTrading compsPrecedent transactionsSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCManagement projections
- Project Key West: discussion materials, 12 January 2026EX-99.(c)(4) · Moelis · filed 2026-03-2010 KB
- Project Key West: discussion materials for the Special Committee of the Board of Directors, 19 January 2026EX-99.(c)(5) · Moelis · filed 2026-03-2045 KB
- Project Key West: discussion materials for the Special Committee of the Board of Directors, 16 February 2026EX-99.(c)(6) · Moelis · filed 2026-03-20281 KB
DCFTrading compsPrecedent transactionsSum of the parts52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesManagement projections
European Wax Center, Inc.
Schedule 13E-3 filed 2026-03-11 · 3 amendments · Consumer & Retail · Services-Personal Services
- Project Elegant: discussion materials for the Special Committee, 23 December 2025EX-99.(c)(ii) · Moelis · filed 2026-03-1123 KB
- Project Elegant: discussion materials for the Special Committee, 6 January 2025EX-99.(c)(iii) · Moelis · filed 2026-03-1135 KB
- Project Elegant: discussion materials, 13 January 2026EX-99.(c)(iv) · Moelis · filed 2026-03-11126 KB
DCFTrading compsPrecedent transactionsLBO52-week rangeAnalyst price targetsWACCSensitivitiesAccretion / dilutionManagement projections
- Project Elegant: discussion materials for the Board of Directors, 27 January 2026EX-99.(c)(v) · Moelis · filed 2026-03-1147 KB
- Board pack: DCF, trading comps and precedentsEX-99.(c)(vi) · Moelis · filed 2026-03-11124 KB
DCFTrading compsPrecedent transactionsLBO52-week rangeAnalyst price targetsWACCSensitivitiesAccretion / dilutionManagement projections
FONAR CORP
Schedule 13E-3 filed 2026-02-26 · 3 amendments · Healthcare · Electromedical & Electrotherapeutic Apparatus
- Fairness opinion for the Special Committee, 7 July 2025EX-99.(c)(ii) · filed 2026-02-2680 KB
- Fairness opinion for the Special Committee, 24 November 2025EX-99.(c)(iii) · filed 2026-02-26148 KB
- Fairness opinion for the Special Committee, 10 December 2025EX-99.(c)(iv) · filed 2026-02-26148 KB
Clearwater Analytics Holdings, Inc.
Schedule 13E-3 filed 2026-02-24 · 3 amendments · Technology · Services-Prepackaged Software
- Discussion materialsEX-99.(c)(ii) · filed 2026-02-2473 KB
DCFTrading compsPremiums paidLBO52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Valuation summary for the Special Committee of the Board of DirectorsEX-99.(c)(iii) · filed 2026-02-2472 KB
DCFTrading compsPremiums paidLBO52-week rangeAnalyst price targetsFootball fieldWACCSensitivitiesAccretion / dilutionManagement projections
- Board pack: DCF, trading comps and management projectionsEX-99.(c)(vi) · filed 2026-02-2430 KB
DCFTrading comps52-week rangeAnalyst price targetsWACCAccretion / dilutionManagement projections
- Board pack: DCF, trading comps and LBOEX-99.(c)(vii) · filed 2026-02-2439 KB
DCFTrading compsLBO52-week rangeAnalyst price targetsWACCAccretion / dilutionManagement projections
- Adviser materials for the boardEX-99.(c)(viii) · filed 2026-02-2413 KB
- Adviser materials for the boardEX-99.(c)(ix) · J.P. Morgan · filed 2026-02-2420 KB
JANUS HENDERSON GROUP PLC
Schedule 13E-3 filed 2026-01-30 · 6 amendments · Financials · Investment Advice
- Project Jewel: discussion materials for the Special Committee, 1 December 2025EX-99.(c)(i) · Goldman Sachs · filed 2026-01-3051 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Project Jewel: discussion materials for the Special Committee, 2 December 2025EX-99.(c)(ii) · Goldman Sachs · filed 2026-01-3051 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Project Jewel: discussion materials for the Special Committee, 4 December 2025EX-99.(c)(iii) · Goldman Sachs · filed 2026-01-3029 KB
- Project Jewel: discussion materials for the Special Committee, 10 December 2025EX-99.(c)(iv) · Goldman Sachs · filed 2026-01-3047 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Project Jewel: discussion materials for the Special Committee, 11 December 2025EX-99.(c)(v) · Goldman Sachs · filed 2026-01-3047 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Project Jewel: update for the Special Committee, 15 December 2025EX-99.(c)(vi) · Goldman Sachs · filed 2026-01-3010 KB
- Project Jewel: discussion materials, 16 December 2025EX-99.(c)(vii) · Goldman Sachs · filed 2026-01-3015 KB
- Project Jewel: discussion materials for the Special Committee, 21 December 2025EX-99.(c)(viii) · Goldman Sachs · filed 2026-01-3045 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Board pack: trading comps, accretion and dilution and analyst targetsEX-99.(c)(ix) · Goldman Sachs · filed 2026-03-11 (amendment)60 KB
Trading comps52-week rangeAnalyst price targetsAccretion / dilutionProcess and outreach
- Board pack: the sale processEX-99.(c)(x) · Goldman Sachs · filed 2026-03-11 (amendment)13 KB
- Board pack: precedents, sensitivities and sale processEX-99.(c)(xi) · Goldman Sachs · filed 2026-03-30 (amendment)48 KB
- Project Jewel: discussion materials for the Special Committee, 23 March 2026EX-99.(c)(xii) · Goldman Sachs · filed 2026-03-30 (amendment)45 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projectionsProcess and outreach
- Project Jewel: discussion materials for the Special Committee, 1 December 2025EX-99.(c)(i) · Goldman Sachs · filed 2026-04-13 (amendment)50 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
- Project Jewel: discussion materials for the Special Committee, 2 December 2025EX-99.(c)(ii) · Goldman Sachs · filed 2026-04-13 (amendment)50 KB
DCFPrecedent transactionsPremiums paid52-week rangeWACCAccretion / dilutionManagement projections
Aptose Biosciences Inc.
Schedule 13E-3 filed 2026-01-15 · 5 amendments · Healthcare · Biological Products (No Diagnostic Substances)
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
CYANOTECH CORP
Schedule 13E-3 filed 2026-01-09 · 2 amendments · Materials · Medicinal Chemicals & Botanical Products
No adviser presentation was attached. The fairness opinion is described in the proxy inside the filing.
5&2 Studios, Inc.
Schedule 13E-3 filed 2025-12-31 · 2 amendments · Media & Telecom · Services-Motion Picture & Video Tape Production
- Board pack: the sale processEX-99.(c)(ii) · filed 2025-12-3178 KB
- Discussion materials, 20 November 2025EX-99.(c)(iii) · Goldman Sachs · filed 2025-12-3167 KB
- Project Sequel: discussion materials for the Special Committee, 4 December 2025EX-99.(c)(iv) · Goldman Sachs · filed 2025-12-3158 KB
- Project Sequel: discussion materials for the Special Committee, 30 December 2025EX-99.(c)(v) · Goldman Sachs · filed 2025-12-3134 KB
- Board pack: the sale processEX-99.(c)(ii) · filed 2026-03-03 (amendment)78 KB
How to read one
Start at the back. The comparable companies page and the precedent transactions page tell you what the adviser thought the business was like, and those two choices drive everything in front of them. Then find the football field and check which method gave the widest range, because that is the one the argument actually rests on. Read the premium against the ninety-day average rather than the last close: a bidder picks the reference period that flatters the offer, and noticing which one they picked is the whole skill.
The fastest way to learn what each page is arguing is to build one. The Board Book Studio takes a ticker, reads that company’s filings, and produces the same fifteen pages with every figure linked to the page it is printed on.
What the cuts mean
- Deal size.
- The transaction value the filer stated in the fee table, an estimate made for the fee. Micro is under $250m, Small to $1bn, Mid to $5bn, Large to $20bn, Mega above. Undisclosed means the table carried no figure.
- Buyer.
- Read from the filing persons named on the schedule. A sponsor usually files under its own name, a strategic under its corporate name, a founder as a person. Where only a merger vehicle filed, the parent is named in the offer document instead.
- Rating.
- How much a set of materials teaches, A to D: several exhibits so the price can be followed across meetings, readable text rather than a scanned PDF, breadth of analysis, and a stated value to anchor the multiples. It says nothing about the quality of the advice.
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