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 |
|---|---|---|---|---|---|---|---|
Micrel Inc 2015-05-07 · Public merger · $14.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Microchip Technology Incorporated Strategic | Technology | $702m | 22.6x | n.a. | 3% | DEFM14A Includes stock |
Quality Distribution Inc 2015-05-06 · Public merger · $16.00 a share | Gruden Acquisition, Inc. Strategic | Industrials | $774m | 10.8x | 0.8x | n.a. | DEFM14A All cash |
Bank of the Carolinas CORP 2015-05-06 · Public merger · $0.14 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Bank of the Ozarks, Inc. Strategic | Financials | $13m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
PMFG, Inc. 2015-05-03 · Public merger · $6.85 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Top Gear Acquisition Inc. Strategic | Industrials | $142m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Cyan Inc 2015-05-03 · Public merger · $4.77 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Ciena Corporation Strategic | Technology | $172m | n.a. | 1.5x | 31% | DEFM14A Includes stock |
Mcg Capital Corp 2015-04-28 · Public merger · $0.23 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 | PFLT Panama, LLC Strategic | Other | $3m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Perfect World Co., Ltd. 2015-04-26 · Take-private · $4.04 a share Held out of the multiples: EV / LTM EBITDA -3.8x outside 1x to 75x | Perfect Peony Holding Company Limited Strategic | Business Services | -$341m | -3.8x | -0.6x | 28% | SC 13E3 All cash |
Igate Corp 2015-04-25 · Public merger · $48.00 a share | Sa Strategic | Technology | $3.7bn | 14.7x | 2.9x | 17% | DEFM14C All cash |
Arris Group Inc 2015-04-22 · Public merger · $4.35 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Archie U.S. Holdings LLC Strategic | Technology | $1.6bn | 3.7x | 0.3x | 31% | DEFM14A Includes stock |
LRR Energy, L.P. 2015-04-20 · Public merger · $25.00 a share | Lre GP, LLC Strategic | Energy | $989m | 13.0x | 5.0x | n.a. | DEFM14A All cash |
Montpelier Re Holdings Ltd 2015-03-31 · Public merger · $9.89 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Endurance Specialty Holdings Ltd. Strategic | Financials | $218m | n.a. | 0.3x | n.a. | DEFM14A Includes stock |
Life Time Fitness, Inc. 2015-03-15 · Public merger · $72.10 a share | LTF Holdings, Inc. Strategic | Consumer & Retail | $4.0bn | 10.7x | 3.1x | 73% | DEFM14A All cash |
Bridge Capital Holdings 2015-03-09 · Public merger · $2.39 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Western Alliance Bancorporation Strategic | Financials | -$59m | n.a. | n.a. | 19% | DEFM14A Includes stock |
Aruba Networks, Inc. 2015-03-02 · Public merger · $24.67 a share | Hewlett-Packard Company Strategic | Industrials | $2.4bn | 34.2x | 3.0x | n.a. | DEFM14A All cash |
Community Financial Shares Inc 2015-03-02 · Public merger · $0.71 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Wintrust Financial Corporation Strategic | Financials | -$16m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Freescale Semiconductor, Ltd. 2015-03-01 · Public merger · $6.25 a share | NXP Semiconductors N.V. Strategic | Technology | $6.8bn | 7.5x | 1.5x | 4% | DEFM14A All cash |
Pulse Electronics Corp 2015-02-28 · Take-private · $1.50 a share | OCM PE Holdings, L.P. Strategic | Technology | $132m | 18.1x | 0.4x | 30% | SC 13E3 All cash |
Uil Holdings Corp 2015-02-25 · Public merger · $10.50 a share | Iberdrola USA Strategic | Utilities | $2.2bn | 5.5x | 1.4x | n.a. | DEFM14A All cash |
Oneida Financial Corp. 2015-02-24 · Public merger · $20.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Community Bank System, Inc. Strategic | Financials | $109m | n.a. | n.a. | 56% | DEFM14A Includes stock |
Polypore International, Inc. 2015-02-23 · Public merger · $60.50 a share | Asahi Kasei Strategic | Healthcare | $3.2bn | 22.6x | n.a. | n.a. | DEFM14A All cash |
Orbitz Worldwide, Inc. 2015-02-12 · Public merger · $12.00 a share | Expedia, Inc. Strategic | Industrials | $1.6bn | 11.4x | 1.7x | n.a. | DEFM14A All cash |
Exelis Inc. 2015-02-05 · Public merger · $16.63 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Harris Communication Solutions, Inc. Strategic | Technology | $3.3bn | 6.5x | 1.0x | 34% | DEFM14A Includes stock |
ODP Corp 2015-02-04 · Public merger · $7.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM EBITDA 94.5x outside 1x to 75x | Office Depot Strategic | Consumer & Retail | $3.6bn | 94.5x | 0.2x | n.a. | DEFM14A Includes stock |
Advanced Photonix Inc 2015-01-30 · Public merger · $0.52 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Luna Innovations Incorporated Strategic | Technology | $19m | n.a. | 0.7x | n.a. | DEFM14A Includes stock |
Regency Energy Partners LP 2015-01-25 · Public merger · $0.32 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Energy Transfer Partners, L.P. Strategic | Energy | $6.7bn | 12.9x | 1.4x | 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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