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.
118 deals in this cut, 59 of them safe to take a multiple from and 118 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 | 34 | 9.6x | 13.1x | 18.3x |
| EV / LTM revenue | 51 | 1.0x | 2.2x | 4.5x |
| Premium to unaffected price | 51 | 18% | 33% | 49% |
| Premium to 30-day VWAP | 14 | 15% | 22% | 36% |
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 |
|---|---|---|---|---|---|---|---|
Arotech Corp 2019-09-22 · Public merger · $3.00 a share | Argonaut Intermediate, Inc. Strategic | Technology | $84m | 22.1x | 0.9x | 33% | DEFM14A All cash |
Rich Uncles Real Estate Investment Trust I 2019-09-19 · Public merger · $10.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NNN Reit Strategic | Real Estate | $142m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
SemGroup Corp 2019-09-15 · Public merger · $6.80 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Energy Transfer LP Strategic | Energy | $2.8bn | 7.7x | 1.1x | n.a. | DEFM14A Includes stock |
Fibrocell Science, Inc. 2019-09-12 · Public merger · $3.00 a share | Castle Creek Pharmaceutical Holdings, Inc. Strategic | Healthcare | $16m | 4.2x | n.a. | 63% 63% to VWAP | DEFM14A All cash |
United Community Financial Corp 2019-09-09 · Public merger · $9.78 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | First Defiance Financial Corp. Strategic | Financials | $443m | n.a. | n.a. | 2% | DEFM14A Includes stock |
Mam Software Group, Inc. 2019-08-30 · Public merger · $12.12 a share | Kerridge Commercial Systems Group Limited Strategic | Technology | $152m | 29.2x | 4.0x | 14% | DEFM14C All cash |
Ecology & Environment Inc 2019-08-28 · Public merger · $15.00 a share | WSP Global Inc. Strategic | Business Services | $5m | n.a. | 0.1x | 48% | DEFM14A All cash |
SRC Energy Inc. 2019-08-25 · Public merger · $3.99 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | PDC Energy Inc. Strategic | Energy | $944m | 3.3x | 1.3x | n.a. | DEFM14A Includes stock |
Vmware LLC 2019-08-22 · Public merger · $15.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Raven Transaction Sub, Inc. Strategic | Technology | $7.2bn | 2.6x | 0.8x | n.a. | DEFM14C Includes stock |
Industrial Property Trust 2019-08-20 · Public merger · $12.51 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Prologis, L.P. Strategic | Real Estate | n.a. | n.a. | n.a. | n.a. | DEFM14A Includes stock |
DryShips Inc. 2019-08-18 · Take-private · $5.25 a share | Sileo Acquisitions Inc. Strategic | Industrials | $629m | 12.3x | 3.5x | 66% | SC 13E3 All cash |
Bancorp of New Jersey, Inc. 2019-08-15 · Public merger · $16.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | ConnectOne Bancorp, Inc. Strategic | Financials | $32m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Caesars Holdings, Inc. 2019-08-15 · Public merger · $8.40 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Eldorado Resorts, Inc. Strategic | Consumer & Retail | $13bn | 6.8x | 1.5x | n.a. | DEFM14A Includes stock |
Presidio, Inc. 2019-08-14 · Public merger · $16.60 a share | BCEC — Port Holdings, LP Strategic | Industrials | $2.1bn | 11.1x | 0.7x | 9% | DEFM14A All cash |
Two River Bancorp 2019-08-09 · Public merger · $5.38 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | OceanFirst Financial Corp. Strategic | Financials | -$23m | n.a. | -17.9x | 50% | DEFM14A Includes stock |
Corindus Vascular Robotics, Inc. 2019-08-07 · Public merger · $4.28 a share | Siemens Medical Solutions USA, Inc. Strategic | Healthcare | $873m | n.a. | 57.5x | 77% | DEFM14A All cash |
Vitamin Shoppe, Inc. 2019-08-07 · Public merger · $6.50 a share | Franchise Group, Inc. Strategic | Consumer & Retail | $142m | 3.5x | 0.1x | 43% 59% to VWAP | DEFM14A All cash |
Cambrex Corp 2019-08-07 · Public merger · $60.00 a share | Catalog Intermediate Inc. Strategic | Healthcare | $2.5bn | 18.8x | 4.4x | 47% | DEFM14A All cash |
Avedro Inc 2019-08-07 · Public merger · $27.40 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Glaukos Corporation, Inc. Strategic | Healthcare | $432m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Steadfast Income REIT, Inc. 2019-08-05 · Public merger · $10.24 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Steadfast Apartment REIT, Inc. Strategic | Real Estate | $1.1bn | n.a. | 8.5x | n.a. | DEFM14A Includes stock |
Gannett Media Corp. 2019-08-05 · Public merger · $6.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | New Media Strategic | Media & Telecom | $648m | 3.1x | 0.2x | 37% | DEFM14A Includes stock |
Navigant Consulting Inc 2019-08-02 · Public merger · $28.00 a share | Sub entered into by the Company on August 2 Strategic | Business Services | $986m | 16.4x | 1.2x | 17% 19% to VWAP | DEFM14A All cash |
OHA Investment Corp 2019-07-31 · Public merger · $0.40 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; no balance sheet at announcement: EV = equity value | Portman Ridge Finance Corporation Strategic | Other | $8m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Genomic Health Inc 2019-07-28 · Public merger · $27.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Exact Sciences Corporation Strategic | Healthcare | $776m | 12.7x | 1.8x | n.a. | DEFM14A Includes stock |
Peak Resorts Inc 2019-07-20 · Public merger · $11.00 a share | Vail Holdings, Inc. Strategic | Consumer & Retail | $354m | 7.3x | 1.9x | n.a. | 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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