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.
117 deals in this cut, 63 of them safe to take a multiple from and 117 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 | 39 | 10.5x | 14.8x | 19.4x |
| EV / LTM revenue | 52 | 1.1x | 1.8x | 3.7x |
| Premium to unaffected price | 51 | 20% | 30% | 47% |
| Premium to 30-day VWAP | 12 | 7% | 17% | 31% |
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 |
|---|---|---|---|---|---|---|---|
Epiq Systems Inc 2016-07-26 · Public merger · $16.50 a share | Document Technologies, LLC Strategic | Technology | $1.0bn | n.a. | 1.8x | 15% | DEFM14A All cash |
National Interstate CORP 2016-07-25 · Public merger · $32.00 a share | Great American Insurance Company Strategic | Financials | $565m | n.a. | 0.9x | 5% | DEFM14A All cash |
Carmike Cinemas Inc 2016-07-24 · Public merger · $33.06 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | AMC Entertainment Holdings, Inc. Strategic | Media & Telecom | $927m | 8.3x | 1.1x | n.a. | DEFM14A Includes stock |
Joy Global Inc 2016-07-21 · Public merger · $28.30 a share | Komatsu America Corp. Strategic | Industrials | $3.6bn | n.a. | 1.3x | 20% | DEFM14A All cash |
YADKIN FINANCIAL Corp 2016-07-20 · Public merger · $28.47 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | First National Bank of Pennsylvania Strategic | Financials | $2.4bn | n.a. | n.a. | 5% | DEFM14A Includes stock |
Golden Enterprises Inc 2016-07-18 · Public merger · $12.00 a share | Utz Quality Foods, Inc. Strategic | Consumer & Retail | $134m | 15.2x | 1.0x | 60% 6% to VWAP | DEFM14C All cash |
Imprivata Inc 2016-07-13 · Public merger · $19.25 a share | Project Brady Holdings, LLC Strategic | Technology | $441m | n.a. | 3.4x | 33% | DEFM14A All cash |
Ocean Shore Holding Co. 2016-07-12 · Public merger · $4.35 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | OceanFirst Financial Corp. Strategic | Financials | -$58m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Polycom Inc 2016-07-08 · Public merger · $12.50 a share | Triangle Private Holdings I, LLC Strategic | Technology | $1.2bn | 13.9x | 1.0x | n.a. | DEFM14A All cash |
Cordia Bancorp Inc 2016-07-08 (filed) · Public merger · $5.15 a share | Bank of Virginia Strategic | Financials | -$56m | n.a. | n.a. | n.a. | DEFM14A All cash |
Starz Acquisition LLC 2016-06-30 · Public merger · $7.26 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Lions Gate Strategic | Media & Telecom | $1.1bn | n.a. | 0.7x | n.a. | DEFM14A Includes stock |
Starz Acquisition LLC 2016-06-30 · Take-private · $18.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Lions Gate Strategic | Media & Telecom | $1.2bn | n.a. | 0.8x | n.a. | SC 13E3 Includes stock |
Privatebancorp, Inc 2016-06-29 · Public merger · $24.20 a share | Canadian Imperial Bank of Commerce Strategic | Financials | $2.7bn | n.a. | n.a. | n.a. | DEFM14A All cash |
Privatebancorp, Inc 2016-06-29 · Public merger · $18.80 a share | Canadian Imperial Bank of Commerce Strategic | Financials | $2.3bn | n.a. | n.a. | n.a. | DEFM14A All cash |
Suffolk Bancorp 2016-06-26 · Public merger · $33.55 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | People’s United Financial Strategic | Financials | $144m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Electro Rent Corp 2016-06-23 · Public merger · $15.50 a share | Elecor Intermediate Holding II Corporation Strategic | Business Services | $345m | 5.3x | 2.0x | 19% | DEFM14A All cash |
American Science & Engineering, Inc. 2016-06-20 · Public merger · $37.00 a share | OSI Systems, Inc. Strategic | Healthcare | $179m | n.a. | 1.7x | 14% | DEFM14A All cash |
Elizabeth Arden Inc 2016-06-16 · Public merger · $14.00 a share | Revlon, Inc. Strategic | Materials | $801m | n.a. | 0.8x | 50% | DEFM14A All cash |
Envision Healthcare Holdings, Inc. 2016-06-15 · Public merger · $66.26 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | AmSurg Corp. Strategic | Healthcare | $15bn | 26.2x | n.a. | n.a. | DEFM14A Includes stock |
Amsurg Corp 2016-06-15 · Public merger · $66.26 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Envision Healthcare Holdings, Inc. Strategic | Healthcare | $5.9bn | 7.9x | 2.2x | n.a. | DEFM14A Includes stock |
Linkedin Corp 2016-06-11 · Public merger · $196.00 a share | Microsoft Corporation Strategic | Technology | $20bn | 69.9x | 6.3x | 50% | DEFM14A All cash |
Axiall Corp/de/ 2016-06-10 · Public merger · $33.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Westlake Chemical Corporation Strategic | Healthcare | $3.5bn | n.a. | 1.1x | 28% | DEFM14A Includes stock |
Qlik Technologies Inc 2016-06-02 · Public merger · $30.50 a share Held out of the multiples: EV / LTM EBITDA 656.8x outside 1x to 75x | Project Alpha Holding, LLC Strategic | Technology | $2.5bn | 656.8x | 4.0x | n.a. | DEFM14A All cash |
NorthStar Asset Management Group Inc. 2016-06-01 · Public merger · $13.19 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NorthStar Realty Finance Corp. Strategic | Real Estate | $2.4bn | n.a. | 5.4x | n.a. | DEFM14A Includes stock |
Evergy Kansas Central, Inc. 2016-05-29 · Public merger · $51.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Great Plains Energy Incorporated Strategic | Utilities | $10bn | 10.8x | 4.3x | 13% | DEFM14A Includes stock |
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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