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.
959 deals in this cut, 0 of them safe to take a multiple from and 950 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 | 0 | Too thin to quote. Widen the cut. | ||
| EV / LTM revenue | 0 | Too thin to quote. Widen the cut. | ||
| Premium to unaffected price | 334 | 15% | 26% | 39% |
| Premium to 30-day VWAP | 42 | 12% | 21% | 30% |
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.
No cut here holds enough clean readings to quote.
| Target | Acquirer | Industry | EV | EV / EBITDA | EV / revenue | Premium | Filing |
|---|---|---|---|---|---|---|---|
Nash Finch Co 2013-07-21 · Public merger · $21.65 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Spartan Stores Strategic | Energy | $681m | 17.5x | 0.1x | n.a. | DEFM14A Includes stock |
Taylor Capital Group Inc 2013-07-14 · Public merger · $4.08 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | MB Financial Strategic | Financials | $1.4bn | n.a. | n.a. | n.a. | DEFM14A Includes stock |
American Realty Capital Trust IV, Inc. 2013-07-01 · Public merger · $9.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | American Realty Capital Properties, Inc. Financial sponsor | Real Estate | $370m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Black Knight InfoServ, LLC 2013-05-28 · Public merger · $16.63 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Business Services | $2.4bn | 7.1x | n.a. | n.a. | DEFM14A Includes stock |
Market Leader, Inc. 2013-05-07 · Public merger · $6.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Trulia, Inc. Strategic | Business Services | $140m | n.a. | 2.9x | n.a. | DEFM14A Includes stock |
Bbx Capital Corp 2013-05-07 · Public merger · $10.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | BFC Financial Corporation Strategic | Real Estate | $23m | n.a. | 0.8x | n.a. | DEFM14A Includes stock |
Ocera Therapeutics, Inc. 2013-04-23 · Public merger · $0.54 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Tranzyme, Inc. Strategic | Healthcare | $4m | n.a. | 0.6x | n.a. | DEFM14A Includes stock |
Met Pro Corp 2013-04-21 · Public merger · $13.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Mustang Acquisition Inc. Strategic | Industrials | $170m | 12.3x | n.a. | 42% | DEFM14A Includes stock |
Sterling Bancorp 2013-04-03 · Public merger · $11.08 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Provident New York Bancorp Strategic | Financials | $786m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
NYSE Euronext 2013-03-19 · Public merger · $11.27 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | IntercontinentalExchange, Inc. Strategic | Financials | $4.9bn | 5.6x | 1.3x | n.a. | DEFM14A Includes stock |
Intercontinental Exchange Holdings, Inc. 2013-03-19 · Public merger · $11.27 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM EBITDA 0.3x outside 1x to 75x | NYSE Euronext Strategic | Financials | $339m | 0.3x | 0.3x | n.a. | DEFM14A Includes stock |
Palomar Medical Technologies LLC 2013-03-17 · Public merger · $6.83 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Plan of Merger Unclassified | Healthcare | $48m | n.a. | 0.6x | 14% | DEFM14A Includes stock |
Mesa Energy Holdings, Inc. 2013-03-15 (filed) · Public merger · $2.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Materials | $172m | 46.5x | 11.6x | 109% | DEFM14A Includes stock |
Outdoor Channel Holdings Inc 2013-03-13 · Public merger · $8.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Kroenke Sports & Entertainment, LLC Strategic | Media & Telecom | $191m | 26.6x | n.a. | 16% | DEFM14A Includes stock |
Asset Acceptance Capital Corp 2013-03-06 · Public merger · $6.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Encore Capital Group, Inc. Financial sponsor | Financials | $186m | 4.7x | 0.8x | 25% | DEFM14A Includes stock |
Iparty Corp 2013-03-01 · Public merger · $0.45 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 | Not named in the filing Unclassified | Consumer & Retail | $11m | 36.7x | 0.1x | n.a. | DEFM14A Includes stock |
Assisted Living Concepts Inc 2013-02-25 · Public merger · $12.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Aid Holdings, LLC Strategic | Healthcare | $412m | n.a. | n.a. | 18% | DEFM14A Includes stock |
Berry Petroleum Company, LLC 2013-02-20 · Public merger · $2.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Bacchus HoldCo, Inc. Unclassified | Energy | $1.8bn | n.a. | 1.8x | 6% | DEFM14A Includes stock |
MAPLEBY HOLDINGS MERGER Corp 2013-02-20 · Public merger · $5.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Office Depot Strategic | Energy | $197m | 2.0x | 0.0x | 15% | DEFM14A Includes stock |
First M&F Corp/Ms 2013-02-06 · Public merger · $12.59 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Renasant Bank Strategic | Financials | $120m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Liberty Global, Inc. 2013-02-05 · Public merger · $17.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Lynx Europe Limited Strategic | Media & Telecom | $29bn | 6.2x | 2.8x | n.a. | DEFM14A Includes stock |
Virgin Media Inc. 2013-02-05 · Public merger · $17.50 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 | Liberty Global, Inc. Strategic | Media & Telecom | $4.7bn | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Virginia Commerce Bancorp Inc 2013-01-29 · Public merger · $14.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Virginia Commerce Bank Strategic | Financials | $381m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Roebling Financial Corp, Inc. 2012-12-28 · Public merger · $8.60 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | TF Financial Corporation Strategic | Financials | $10m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Knight Capital Group LLC 2012-12-19 · Public merger · $3.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | GETCO Holding Company, LLC Strategic | Financials | $695m | n.a. | 0.9x | n.a. | 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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