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.
174 deals in this cut, 84 of them safe to take a multiple from and 172 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 | 45 | 9.9x | 16.2x | 18.9x |
| EV / LTM revenue | 57 | 3.6x | 7.8x | 11.6x |
| Premium to unaffected price | 62 | 15% | 22% | 34% |
| Premium to 30-day VWAP | 6 | 4% | 11% | 22% |
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 |
|---|---|---|---|---|---|---|---|
Apollo Residential Mortgage, Inc. 2016-02-26 · Take-private · $14.64 a share | Not named in the filing Strategic | Real Estate | $484m | n.a. | n.a. | 36% | SC 13E3 All cash |
IRC Retail Centers Inc 2015-12-14 · Public merger · $10.60 a share | Inland Real Estate Corporation Strategic | Real Estate | $1.9bn | 18.4x | n.a. | 7% | DEFM14A All cash |
American Residential Properties, Inc. 2015-12-03 · Public merger · $8.10 a share | American Homes 4 Rent, L.P. Strategic | Real Estate | $1.0bn | n.a. | n.a. | n.a. | DEFM14A All cash |
Landmark Apartment Trust, Inc. 2015-10-22 · Public merger · $8.17 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Monument Partners Financial sponsor | Real Estate | $353m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
BioMed Realty Trust Inc 2015-10-07 · Public merger · $23.75 a share | BRE Edison Holdings L.P. Financial sponsor | Real Estate | $7.8bn | n.a. | n.a. | 10% | DEFM14A All cash |
Strategic Hotels & Resorts, Inc 2015-09-04 · Public merger · $14.25 a share | BRE Diamond Hotel Holdings LLC Strategic | Real Estate | $5.6bn | 18.8x | n.a. | n.a. | DEFM14A All cash |
Gramercy Property Trust Inc. 2015-07-01 · Public merger · $9.00 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 | $1.6bn | n.a. | 9.1x | n.a. | DEFM14A Includes stock |
Home Properties Inc 2015-06-22 · Public merger · $75.23 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 | $4.3bn | 7.0x | 6.4x | n.a. | DEFM14A Includes stock |
SmartStop Self Storage, Inc. 2015-06-15 · Public merger · $13.75 a share | Extra Space Storage Inc. Strategic | Real Estate | $1.3bn | 23.4x | 12.6x | n.a. | DEFM14A All cash |
Trade Street Residential, Inc. 2015-05-11 · Public merger · $3.80 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Independence Realty Operating Partnership, LP Strategic | Real Estate | $489m | n.a. | 8.0x | n.a. | DEFM14A Includes stock |
W2007 Grace Acquisition I Inc 2015-05-10 · Take-private · $26.00 a share | Company Parent Unclassified | Real Estate | $266m | 17.9x | n.a. | n.a. | SC 13E3 All cash |
Associated Estates Realty Corp 2015-04-22 · Public merger · $28.75 a share | Not named in the filing Unclassified | Real Estate | $2.5bn | 25.1x | n.a. | 19% | DEFM14A All cash |
Excel Trust, Inc. 2015-04-09 · Public merger · $15.85 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | BRE Retail Centers Holdings LP Financial sponsor | Real Estate | $1.2bn | 13.8x | 8.6x | 14% | DEFM14A Includes stock |
Signature Office REIT Inc 2014-11-21 · Public merger · $21.00 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 | $424m | 14.7x | 5.7x | n.a. | DEFM14A Includes stock |
AmREIT, Inc. 2014-10-31 · Public merger · $26.55 a share | Edens Investment Trust Financial sponsor | Real Estate | $521m | 19.7x | 10.0x | 7% | DEFM14A All cash |
Glimcher Realty Trust 2014-09-16 · Public merger · $10.40 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Glimcher Properties Limited Partnership Strategic | Real Estate | $1.5bn | n.a. | 3.9x | 24% | DEFM14A Includes stock |
SC Merger Sub LLC 2014-08-30 · Public merger · $10.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Select Income Reit Strategic | Real Estate | $2.1bn | 34.1x | 11.8x | n.a. | DEFM14A Includes stock |
Griffin-American Healthcare REIT II, Inc. 2014-08-05 · Public merger · $7.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NRF Healthcare Subsidiary, LLC Strategic | Real Estate | $2.6bn | 15.9x | 12.0x | n.a. | DEFM14A Includes stock |
American Realty Capital Healthcare Trust Inc 2014-06-01 · Public merger · $11.33 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | HCT Op Strategic | Real Estate | $1.8bn | 23.2x | 10.9x | n.a. | DEFM14A Includes stock |
Cole Credit Property Trust Inc 2014-03-17 · Take-private · $7.25 a share | American Realty Capital Properties, Inc. Financial sponsor | Real Estate | $159m | 16.2x | 11.7x | n.a. | SC 13E3 All cash |
Cole Credit Property Trust Inc 2014-03-17 · Take-private · $7.25 a share | Not named in the filing Unclassified | Real Estate | $159m | 16.2x | 11.7x | n.a. | SC 13E3 All cash |
Cole Credit Property Trust Inc 2014-03-17 · Take-private · $7.25 a share | American Realty Capital Properties, Inc. Financial sponsor | Real Estate | $159m | 16.2x | 11.7x | n.a. | SC 13E3 All cash |
Nts Realty Holdings LP 2014-02-25 · Take-private · $7.50 a share Held out of the premiums: premium of 202%: distressed or misread | NTS Merger Parent, LLC Unclassified | Real Estate | $82m | 3.6x | n.a. | 202% | SC 13E3 All cash |
Bre Properties Inc /Md/ 2013-12-19 · Public merger · $12.33 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 | $2.8bn | n.a. | 7.0x | n.a. | DEFM14A Includes stock |
Twenty Services Inc 2013-11-25 · Public merger · $3.75 a share | Pell City Corporation Strategic | Financials | $4m | n.a. | 20.0x | n.a. | DEFM14C All cash |
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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