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.
161 deals in this cut, 98 of them safe to take a multiple from and 161 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 | 47 | 9.2x | 13.9x | 22.0x |
| EV / LTM revenue | 84 | 1.0x | 3.0x | 6.7x |
| Premium to unaffected price | 87 | 29% | 43% | 67% |
| Premium to 30-day VWAP | 26 | 25% | 47% | 63% |
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 |
|---|---|---|---|---|---|---|---|
Old Ayala, Inc 2022-10-18 · Public merger · $4.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Advaxis, Inc. Strategic | Healthcare | $59m | n.a. | 34.6x | n.a. | DEFM14A Includes stock |
HV Bancorp, Inc. 2022-10-18 · Public merger · $30.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Citizens Financial Services, Inc. Strategic | Financials | $41m | n.a. | 51.6x | n.a. | DEFM14A Includes stock |
Aveo Pharmaceuticals, Inc. 2022-10-18 · Public merger · $15.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Healthcare | $442m | n.a. | 4.7x | 43% | DEFM14A Includes stock |
Continental Resources, Inc 2022-10-16 · Take-private · $74.28 a share Board book on file → | Omega Acquisition, Inc. Strategic | Energy | $31bn | 4.6x | 3.6x | n.a. 9% to VWAP | SC 13E3 All cash |
EUDA Health Holdings Ltd 2022-10-13 (filed) · Public merger · $10.00 a share | Not named in the filing Unclassified | Healthcare | $111m | n.a. | 10.5x | n.a. | DEFM14A All cash |
Albertsons Companies, Inc. 2022-10-13 · Public merger · $34.10 a share | The Kroger Co. Strategic | Consumer & Retail | $23bn | 5.3x | 0.3x | 33% 30% to VWAP | DEFM14C All cash |
KnowBe4, Inc. 2022-10-11 · Take-private · $24.90 a share Board book on file → | Elephant Partners 2019 Spv-a, L.P. Financial sponsor | Technology | $2.1bn | 64.7x | 6.7x | 44% | SC 13E3 All cash |
SeaSpine Holdings Corp 2022-10-10 · Public merger · $7.64 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Orthofix Medical Inc. Strategic | Healthcare | $237m | n.a. | 1.0x | n.a. | DEFM14A Includes stock |
ForgeRock, Inc. 2022-10-10 · Public merger · $23.25 a share | Not named in the filing Unclassified | Technology | $774m | n.a. | 3.8x | 53% | DEFM14A All cash |
Agri-Fintech Holdings, Inc. 2022-10-06 · Public merger · $1.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | MICT, Inc. Strategic | Business Services | $981m | 1.9x | 0.7x | n.a. | DEFM14C Includes stock |
Industrias Bachoco S.A.B. de C.V. 2022-10-06 (filed) · Take-private · $81.66 a share Held out of the multiples: no balance sheet at announcement: EV = equity value; equity value 48,996 vs fee-table value 649 | Not named in the filing Controlling holder | Consumer & Retail | $49bn | n.a. | n.a. | 23% | SC 13E3 All cash |
First Eagle Alternative Capital BDC, Inc. 2022-10-03 · Public merger · $0.58 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Crescent Cap Advisors, LLC Financial sponsor | Other | $240m | n.a. | n.a. | 71% | DEFM14A Includes stock |
Poshmark, Inc. 2022-10-03 · Public merger · $17.90 a share | Proton Parent Unclassified | Consumer & Retail | $389m | n.a. | 1.1x | n.a. | DEFM14A All cash |
Coeptis Therapeutics Inc. 2022-09-30 (filed) · Public merger · $10.00 a share | Bull Horn Holdings Corp. Strategic | Healthcare | $383m | n.a. | n.a. | n.a. | DEFM14A All cash |
O2micro International Ltd 2022-09-30 · Take-private · $0.10 a share Board book on file → | Fnof Dynamic Holdings LTD Strategic | Technology | $93m | 5.7x | 0.9x | 69% | SC 13E3 All cash |
Turquoise Hill Resources Ltd. 2022-09-29 (filed) · Take-private · $43.00 a share Held out of the multiples: no balance sheet at announcement: EV = equity value Board book on file → | 46117 Yukon Inc. Strategic | Materials | $8.7bn | n.a. | n.a. | 67% | SC 13E3 All cash |
Granite Ridge Resources, Inc. 2022-09-29 (filed) · Public merger · $11.50 a share | Not named in the filing Unclassified | Energy | -$44m | n.a. | -0.1x | n.a. | DEFM14A All cash |
BTRS Holdings Inc. 2022-09-28 · Public merger · $9.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Bullseye FinCo, Inc. Strategic | Technology | $1.4bn | n.a. | 9.8x | 64% | DEFM14A Includes stock |
Lakeland Bancorp Inc 2022-09-26 · Public merger · $16.29 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM revenue 736.5x above 60x | Provident Financial Services, Inc. Strategic | Financials | $810m | n.a. | 736.5x | n.a. | DEFM14A Includes stock |
Talos Energy Inc. 2022-09-21 · Public merger · $20.33 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | EnVen Energy Corporation Strategic | Energy | $2.4bn | 2.1x | 1.5x | n.a. | DEFM14A Includes stock |
Store Capital LLC 2022-09-15 · Public merger · $32.25 a share | Ivory REIT, LLC Strategic | Real Estate | $9.1bn | n.a. | 10.6x | 20% | DEFM14A All cash |
Oaktree Strategic Income II, Inc. 2022-09-14 · Public merger · $0.18 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 | Oaktree Fund Advisors, LLC Financial sponsor | Other | $33m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Seritage Growth Properties 2022-09-14 (filed) · Public merger · $19.29 a share Held out of the multiples: EV / LTM revenue 345.0x above 60x | Not named in the filing Unclassified | Real Estate | $931m | n.a. | 345.0x | n.a. | DEFM14A All cash |
MNRL Sub Inc. 2022-09-06 · Public merger · $6.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM EBITDA 0.4x outside 1x to 75x | Sitio Royalties Operating Partnership, LP Strategic | Energy | $88m | 0.4x | 0.4x | n.a. | DEFM14A Includes stock |
STR Sub Inc. 2022-09-06 · Public merger · $6.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Sitio Royalties Operating Partnership, LP Strategic | Energy | $684m | n.a. | 3.6x | 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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