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.
2,499 deals in this cut, 1,298 of them safe to take a multiple from and 2,465 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 | 683 | 8.9x | 13.3x | 20.3x |
| EV / LTM revenue | 989 | 0.9x | 1.9x | 3.7x |
| Premium to unaffected price | 1198 | 19% | 31% | 49% |
| Premium to 30-day VWAP | 182 | 15% | 29% | 44% |
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 |
|---|---|---|---|---|---|---|---|
Casper Sleep Inc. 2021-11-14 · Public merger · $6.90 a share | Marlin Parent, Inc. Unclassified | Consumer & Retail | $310m | n.a. | 0.5x | 94% | DEFM14A All cash |
CyrusOne Holdco LLC 2021-11-14 · Public merger · $90.50 a share | Cavalry Parent L.P. Unclassified | Real Estate | $15bn | 26.8x | 12.6x | n.a. | DEFM14A All cash |
Guaranty Federal Bancshares Inc 2021-11-09 · Public merger · $30.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Financials | -$18m | n.a. | -10.3x | n.a. | DEFM14A Includes stock |
CorePoint Lodging Inc. 2021-11-06 · Public merger · $15.65 a share | Cavalier Acquisition JV LP Strategic | Real Estate | $1.3bn | 9.1x | 2.8x | n.a. | DEFM14A All cash |
McAfee Corp. 2021-11-05 · Public merger · $26.00 a share | Condor BidCo, Inc. Unclassified | Technology | $14bn | 24.7x | 6.2x | n.a. | DEFM14A All cash |
Monmouth Real Estate Investment Corp 2021-11-05 · Public merger · $21.00 a share | Industrial Logistics Properties Trust Strategic | Real Estate | $2.9bn | n.a. | n.a. | 24% | DEFM14A All cash |
Partners Bancorp 2021-11-04 · Public merger · $10.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | OceanFirst Financial Corp. Strategic | Financials | -$120m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Level One Bancorp Inc 2021-11-04 · Public merger · $10.17 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Financials | -$4m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Neophotonics Corp 2021-11-03 · Public merger · $16.00 a share | Lumentum Holdings Inc. Strategic | Technology | $780m | n.a. | 2.8x | 83% | DEFM14A All cash |
Rogers Corp 2021-11-01 · Public merger · $277.00 a share | DuPont de Nemours, Inc., Inc. Strategic | Healthcare | $5.0bn | 27.5x | 5.4x | 33% 46% to VWAP | DEFM14A All cash |
PAE Inc 2021-10-25 · Public merger · $10.05 a share | Gores III Strategic | Business Services | $1.7bn | 14.5x | 0.6x | 70% | DEFM14A All cash |
Dawson Geophysical Co 2021-10-25 · Public merger · $2.34 a share | Wilks Brothers, LLC Strategic | Energy | $19m | n.a. | 0.8x | 22% | DEFM14A All cash |
FTS International, Inc. 2021-10-21 · Public merger · $26.52 a share | ProFrac Holdings, LLC Strategic | Energy | $55m | n.a. | 0.1x | n.a. | DEFM14A All cash |
TriState Capital Holdings, Inc. 2021-10-20 · Public merger · $6.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Raymond James Financial, Inc. Strategic | Financials | -$271m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Condor Hospitality Trust, Inc. 2021-10-18 (filed) · Public merger · $7.85 a share | Not named in the filing Unclassified | Real Estate | $224m | 13.8x | 3.6x | n.a. | DEFM14A All cash |
Umpqua Holdings Corp 2021-10-11 · Public merger · $24.05 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Columbia Banking System, Inc. Strategic | Financials | $1.5bn | n.a. | 18.3x | 15% | DEFM14A Includes stock |
ASPENTECH Corp 2021-10-10 · Public merger · $87.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Technology | $5.9bn | 15.8x | 8.1x | 44% | DEFM14A Includes stock |
Kraton Corp 2021-09-27 · Public merger · $46.50 a share | DL Chemical Co., Ltd. Strategic | Healthcare | $2.4bn | n.a. | n.a. | n.a. | DEFM14A All cash |
Trillium Therapeutics Inc. 2021-09-27 (filed) · Public merger · $18.50 a share Held out of the premiums: premium of 204%: distressed or misread | Not named in the filing Unclassified | Healthcare | $1.7bn | n.a. | n.a. | 204% | DEFM14A All cash |
MGM Growth Properties LLC 2021-09-23 (filed) · Public merger · $42.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Real Estate | $9.4bn | n.a. | 12.1x | n.a. | DEFM14C Includes stock |
Valley National Bancorp 2021-09-22 · Public merger · $5.35 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Leumi USA Strategic | Financials | $1.2bn | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Sierra Income Corp 2021-09-21 · Public merger · $5.76 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 | Barings BDC Strategic | Other | $376m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Industrial Tech Acquisitions, Inc. 2021-09-17 (filed) · Public merger · $10.00 a share | Not named in the filing Unclassified | Technology | $97m | n.a. | n.a. | n.a. | DEFM14A All cash |
Kansas City Southern 2021-09-15 · Public merger · $37.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Canadian Pacific Railway Limited Strategic | Industrials | $6.9bn | 9.6x | 2.4x | n.a. | DEFM14A Includes stock |
GreenSky, Inc. 2021-09-14 · Public merger · $12.28 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 | $2.5bn | 19.2x | 4.7x | 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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