The deal tape
A precedent transactions set answers one question: what did somebody actually pay for a company like this one. Every row here is a US public target that filed a merger proxy or a going-private statement since 2020, with the offer per share, the premium to the unaffected price and the enterprise value multiples read from the filing itself rather than bought from a feed. Choose a sector, an industry code and a size band, and the quartiles above the list are the answer for that cut.
What it is not. Private-company deals, non-US targets and any transaction where no proxy was required leave nothing to read, so none of them are here. Neither are minority stakes or asset sales. Where a cross-check failed, the row still appears and says why, and it is held out of every median and quartile so one bad reading cannot move a number you would quote.
1,773 deals in this cut, 891 of them safe to take a multiple from and 1,746 safe to take a premium from. Enterprise value is stated where a balance sheet and a share count could be read at the period end before announcement.
What this cut was bought at
Each measure counts the readings that survive its own cross-checks. Fewer than 4 is a coincidence, not a market.
| Measure | Deals | 25th | Median | 75th |
|---|---|---|---|---|
| EV / LTM EBITDA | 470 | 8.2x | 12.7x | 19.1x |
| EV / LTM revenue | 697 | 0.9x | 1.9x | 3.6x |
| Premium to unaffected price | 902 | 19% | 31% | 49% |
| Premium to 30-day VWAP | 156 | 15% | 31% | 48% |
Read the EBITDA multiple against the revenue multiple before you use either. Where they disagree sharply the target was priced on growth rather than earnings, and the EBITDA line is the one that will not survive a second question.
| Target | Acquirer | Industry | EV | EV / EBITDA | EV / revenue | Premium | Filing |
|---|---|---|---|---|---|---|---|
Macatawa Bank Corp 2024-04-15 · Public merger · $13.83 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Wintrust Financial Corporation Strategic | Financials | $55m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Snap One Holdings Corp. 2024-04-14 · Public merger · $10.75 a share | Resideo Technologies, Inc. Strategic | Technology | $784m | 18.3x | 0.7x | 32% | DEFM14C All cash |
Encore Wire Corp 2024-04-14 · Public merger · $290.00 a share | Prysmian S.p.A. Strategic | Materials | $4.0bn | 9.6x | 1.6x | 11% 20% to VWAP | DEFM14A All cash |
Inrad Optics, Inc. 2024-04-08 · Public merger · $1.10 a share | Luxium Solutions, LLC Strategic | Technology | $13m | 6.3x | 1.0x | n.a. | DEFM14A All cash |
Shockwave Medical, Inc. 2024-04-04 · Public merger · $335.00 a share | Johnson & Johnson Strategic | Healthcare | $11bn | n.a. | 14.6x | 17% | DEFM14A All cash |
ChampionX Corp 2024-04-02 · Public merger · $37.80 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Schlumberger Limited Strategic | Industrials | $7.4bn | 10.4x | 2.0x | 15% | DEFM14A Includes stock |
AdTheorent Holding Company, Inc. 2024-04-01 · Public merger · $3.21 a share | Cadent, LLC Strategic | Technology | $223m | n.a. | 1.3x | n.a. | DEFM14A All cash |
Landos Biopharma, Inc. 2024-03-24 · Public merger · $20.42 a share Held out of the premiums: premium of 161%: distressed or misread | Bespin Subsidiary, LLC, Inc., Inc. Strategic | Healthcare | $26m | n.a. | n.a. | 161% | DEFM14A All cash |
Midstream Co LLC 2024-03-10 · Public merger · $11.12 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | LLC Sub Strategic | Utilities | $4.9bn | 5.0x | 3.5x | n.a. | DEFM14A Includes stock |
Starrett L S Co 2024-03-08 · Public merger · $16.19 a share | Uhu Inc. Strategic | Industrials | $115m | 5.9x | 0.5x | 63% 41% to VWAP | DEFM14A All cash |
Astra Space, Inc. 2024-03-07 · Take-private · $0.50 a share Board book on file → | Apogee Merger Sub Inc. Strategic | Industrials | $6m | n.a. | 1.4x | 103% | SC 13E3 All cash |
Superior Drilling Products, Inc. 2024-03-06 · Take-private · $1.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price Board book on file → | Drilling Tools International Corp Strategic | Industrials | $30m | 9.7x | 1.4x | n.a. | SC 13E3 Includes stock |
Sterling Check Corp. 2024-02-28 · Public merger · $16.73 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | First Advantage Corporation Strategic | Technology | $2.0bn | 18.3x | 2.8x | n.a. | DEFM14C Includes stock |
Vizio Holding Corp. 2024-02-19 · Public merger · $11.50 a share | Walmart Inc. Strategic | Technology | $1.9bn | 59.7x | 1.1x | 47% | DEFM14C All cash |
Tricon Residential Inc. 2024-02-16 (filed) · Take-private · $11.25 a share Held out of the multiples: no balance sheet at announcement: EV = equity value Board book on file → | Not named in the filing Strategic | Real Estate | $3.1bn | n.a. | n.a. | 30% | SC 13E3 All cash |
Taro Pharmaceutical Industries Ltd 2024-02-15 (filed) · Take-private · $43.00 a share Board book on file → | Libra Merger LTD. Strategic | Healthcare | $886m | 17.8x | 1.6x | 48% | SC 13E3 All cash |
Telix Qsam Inc. 2024-02-07 · Public merger · $9.37 a share | Telix Pharmaceuticals Limited ACN 616 620 369 Strategic | Materials | $32m | n.a. | n.a. | n.a. | DEFM14C All cash |
ZeroFox Holdings, Inc. 2024-02-06 · Public merger · $1.14 a share | ZI Intermediate II, Inc. Strategic | Business Services | $307m | n.a. | 1.3x | n.a. | DEFM14A All cash |
Haynes International Inc 2024-02-04 · Public merger · $61.00 a share | North American Stainless, Inc. Strategic | Materials | $766m | 10.2x | 1.3x | n.a. | DEFM14A All cash |
California BanCorp 2024-01-30 · Public merger · $26.54 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Southern California Bancorp Strategic | Financials | $10m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Mcgrath Rentcorp 2024-01-28 · Public merger · $123.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | WillScot Mobile Mini Holdings Corp. Strategic | Business Services | $3.0bn | 10.1x | 3.6x | 7% | DEFM14A Includes stock |
Inhibrx, Inc. 2024-01-22 · Public merger · $5.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM revenue 91.9x above 60x | Aventis Inc. Strategic | Healthcare | $166m | n.a. | 91.9x | n.a. | DEFM14A Includes stock |
Sekisui House U.S., Inc. 2024-01-17 · Public merger · $63.00 a share | SH Residential Holdings, LLC Strategic | Other | $4.5bn | n.a. | 1.0x | 19% | DEFM14A All cash |
Carrols Restaurant Group, Inc. 2024-01-16 · Take-private · $9.55 a share Held out of the multiples: consideration includes stock: the cash figure is not the price Board book on file → | BK Cheshire Corp. Strategic | Consumer & Retail | $905m | 6.4x | 0.5x | 13% | SC 13E3 Includes stock |
PGT Innovations, Inc. 2024-01-16 · Public merger · $42.00 a share | Masonite International Corporation Strategic | Industrials | $3.0bn | 13.8x | 2.0x | 60% | DEFM14A All cash |
How to use a set like this
Cut to the narrowest set that still holds eight or ten deals, then quote the range rather than the median. An interviewer who asks where software takes out will accept a spread and press on a single number, because the single number implies a precision the set does not have. Say which deals sit at each end and why: the top of a range is usually a contested auction or a strategic buyer with synergies, the bottom a controlling holder buying in the minority.
Premiums move with the reference price, not only with the deal. A bidder quotes the period that flatters the offer, so read the premium to the unaffected close beside the premium to the thirty-day average and notice when they diverge.
What each column means
- Enterprise value.
- Offer per share times shares outstanding, plus net debt at the last balance sheet before the merger agreement. It is blank where either piece was missing, and those rows are in the “not computed” band rather than in a size they never earned.
- Premium.
- The offer against the unaffected price, which is the last close before the deal became known. Where the filing states a premium to the thirty-day volume-weighted average, that is shown next to it.
- Deal type.
- A take-private is bought by an affiliate, which is what triggers the Schedule 13E-3 and the fuller disclosure that comes with it. A public merger is an arm’s-length buyer, disclosed through the merger proxy.
- In doubt.
- A cross-check the reading could not satisfy: an equity value far from the fee-table figure, a multiple outside any sane band, or consideration that is partly stock so the per-share cash figure is not the price. The row stays visible, and it is set aside only for the measures the doubt reaches. A cash-and-stock deal cannot price a multiple and still states a premium the filing itself computed, so it counts in one and not the other.
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