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.
287 deals in this cut, 186 of them safe to take a multiple from and 279 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 | 96 | 12.2x | 18.2x | 28.3x |
| EV / LTM revenue | 157 | 0.9x | 1.9x | 3.7x |
| Premium to unaffected price | 169 | 22% | 35% | 52% |
| Premium to 30-day VWAP | 26 | 25% | 38% | 50% |
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 |
|---|---|---|---|---|---|---|---|
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 |
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 |
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 |
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 |
Spansion Inc. 2014-12-01 · Public merger · $27.30 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Cypress Semiconductor Corporation Strategic | Technology | $1.8bn | 22.4x | 1.4x | n.a. | DEFM14A Includes stock |
Elecsys Corp 2014-11-04 · Public merger · $17.50 a share | Lindsay Corporation Strategic | Technology | $68m | 19.3x | 2.3x | 83% | DEFM14A All cash |
Tibco Software Inc 2014-09-27 · Public merger · $24.00 a share | Balboa Intermediate Holdings, LLC Strategic | Technology | $3.4bn | 24.1x | 3.2x | 24% | DEFM14A All cash |
Viasystems Group Inc 2014-09-21 · Public merger · $11.33 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | TTM Technologies, Inc. Strategic | Technology | $796m | 6.2x | 0.7x | n.a. | DEFM14A Includes stock |
Concur Technologies Inc 2014-09-18 · Public merger · $129.00 a share Held out of the multiples: EV / LTM EBITDA 1767.9x outside 1x to 75x | SAP America, Inc. Strategic | Technology | $6.5bn | 1767.9x | 9.8x | 20% | DEFM14A All cash |
Peregrine Semiconductor Corp 2014-08-22 · Public merger · $12.50 a share | Murata Electronics North America, Inc. Strategic | Technology | $373m | n.a. | 1.9x | 63% | DEFM14A All cash |
International Rectifier Corp /de/ 2014-08-20 · Public merger · $40.00 a share | Infineon Technologies AG Strategic | Technology | $2.3bn | 14.0x | 2.0x | n.a. | DEFM14A All cash |
Bally Technologies, Inc. 2014-08-01 · Public merger · $83.30 a share | Scientific Games Corporation Strategic | Technology | $5.1bn | 14.2x | 4.2x | 38% | DEFM14A All cash |
iSoftStone Holdings Ltd 2014-04-18 · Take-private · $0.57 a share | New iSoftStone Holdings Limited Strategic | Technology | $351m | 17.1x | 0.8x | 18% | SC 13E3 All cash |
Supertex Inc 2014-02-09 · Public merger · $33.00 a share | Microchip Technology Incorporated Strategic | Technology | $218m | 22.5x | 3.3x | 35% | DEFM14A All cash |
Lsi Corp 2013-12-15 · Public merger · $11.15 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Avago Technologies Limited Strategic | Technology | $5.4bn | 19.3x | 2.3x | 41% | DEFM14A Includes stock |
Anaren Inc 2013-11-04 · Public merger · $28.00 a share Held out of the multiples: EV / LTM revenue 1635.5x above 60x | ANVC Holding Corp. Strategic | Technology | $327m | 12.6x | 1635.5x | 12% | DEFM14A All cash |
Pactera Technology International Ltd. 2013-10-17 · Take-private · $7.30 a share | Not named in the filing Strategic | Technology | $501m | 64.2x | 1.4x | 39% | SC 13E3 All cash |
Zoltek Companies Inc 2013-09-27 · Public merger · $16.75 a share | Toray Industries, Inc. Strategic | Technology | $575m | 19.2x | 4.0x | 2% | DEFM14A All cash |
Camelot Information Systems Inc. 2013-09-18 · Take-private · $0.51 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | Camelot Employee Scheme Inc. Strategic | Technology | $95m | n.a. | n.a. | 37% | SC 13E3 All cash |
Molex Inc 2013-09-09 · Public merger · $38.50 a share | Koch Industries, Inc. Strategic | Technology | $3.3bn | 5.7x | 0.9x | 30% | DEFM14A All cash |
Globecomm Systems Inc 2013-08-25 · Public merger · $14.15 a share | Wasserstein Cosmos Co-Invest, L.P. Strategic | Technology | $262m | 7.6x | 0.8x | n.a. | DEFM14A All cash |
Pageflex Inc. 2013-08-20 · Public merger · $0.09 a share Held out of the premiums: premium of 203%: distressed or misread | Marlborough Software Development Holdings, Inc. Strategic | Technology | $0m | n.a. | 0.0x | 203% | DEFM14A All cash |
Turtle Beach Corp 2013-08-05 · Public merger · $14.00 a share Held out of the multiples: EV / LTM revenue 150.3x above 60x | Parametric Sound Corporation Strategic | Technology | $90m | 2.0x | 150.3x | n.a. | DEFM14A All cash |
Sourcefire Inc 2013-07-22 · Public merger · $76.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM EBITDA 127.4x outside 1x to 75x | Cisco Systems, Inc. Strategic | Technology | $2.2bn | 127.4x | 8.8x | 39% | 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.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More