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. A single transaction often files four or six of these, and reading them in order shows how a price moved.
Choose a quarter
29 take-privates filed, 44 adviser exhibits across 3 of them.Roughly one take-private in six files adviser materials. The rest disclose the adviser’s opinion in the proxy without attaching the presentation.
AvidXchange Holdings, Inc.
The whole filingSchedule 13E-3 filed 2025-06-18 · 18 adviser exhibits
- EX-99.(C)(2)15 KB
- EX-99.(C)(3)72 KB
- EX-99.(C)(4)39 KB
- EX-99.(C)(5)49 KB
- EX-99.(C)(6)72 KB
- EX-99.(C)(7)11 KB
- EX-99.(C)(8)64 KB
- EX-99.(C)(9)23 KB
- EX-99.(C)(10)46 KB
- EX-99.(C)(11)101 KB
- EX-99.(C)(12)64 KB
- EX-99.(C)(13)63 KB
- EX-99.(C)(17)47 KB
- EX-99.(C)(18)73 KB
- EX-99.(C)(20)29 KB
- EX-99.(C)(21)51 KB
- EX-99.(C)(22)29 KB
- EX-99.(C)(23)19 KB
Walgreens Boots Alliance, Inc.
The whole filingSchedule 13E-3 filed 2025-04-14 · 25 adviser exhibits
- EX-99.(C)(1)29 KB
- EX-99.(C)(2)24 KB
- EX-99.(C)(2)24 KB
- EX-99.(C)(3)13 KB
- EX-99.(C)(3)13 KB
- EX-99.(C)(5)11 KB
- EX-99.(C)(5)12 KB
- EX-99.(C)(6)24 KB
- EX-99.(C)(6)25 KB
- EX-99.(C)(7)20 KB
- EX-99.(C)(7)20 KB
- EX-99.(C)(9)14 KB
- EX-99.(C)(9)20 KB
- EX-99.(C)(10)27 KB
- EX-99.(C)(10)32 KB
- EX-99.(C)(11)10 KB
- EX-99.(C)(11)10 KB
- EX-99.(C)(12)23 KB
- EX-99.(C)(12)23 KB
- EX-99.(C)(13)60 KB
- EX-99.(C)(13)62 KB
- EX-99.(C)(14)20 KB
- EX-99.(C)(14)20 KB
- EX-99.(C)(15)13 KB
- EX-99.(C)(15)13 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.
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