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.
195 deals in this cut, 108 of them safe to take a multiple from and 194 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 | 60 | 7.3x | 12.3x | 16.6x |
| EV / LTM revenue | 95 | 0.7x | 1.8x | 3.7x |
| Premium to unaffected price | 85 | 15% | 31% | 48% |
| Premium to 30-day VWAP | 22 | 8% | 22% | 32% |
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 |
|---|---|---|---|---|---|---|---|
Ascent Capital Group, Inc. 2019-05-24 · Public merger · $18.35 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Monitronics International, Inc. Strategic | Business Services | $1.8bn | n.a. | 3.3x | n.a. | DEFM14A Includes stock |
International Speedway Corp 2019-05-22 · Public merger · $45.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NASCAR Holdings, Inc. Strategic | Consumer & Retail | $1.1bn | 5.4x | 1.6x | 15% 22% to VWAP | DEFM14A Includes stock |
International Speedway Corp 2019-05-22 · Take-private · $45.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NASCAR Holdings, Inc. Strategic | Consumer & Retail | $865m | 4.4x | 1.3x | 15% | SC 13E3 Includes stock |
Isramco Inc 2019-05-20 · Public merger · $121.40 a share | Naphtha Israel Petroleum Corporation Ltd. Strategic | Energy | $376m | 11.1x | 4.5x | 19% | DEFM14A All cash |
Isramco Inc 2019-05-20 · Take-private · $121.40 a share | Naphtha Holding Ltd. Strategic | Energy | $376m | 11.1x | 4.5x | 19% | SC 13E3 All cash |
Cray Inc 2019-05-16 · Public merger · $35.00 a share | Hewlett Packard Enterprise Company Strategic | Industrials | $1.2bn | n.a. | 2.8x | 18% | DEFM14A All cash |
Dynasil Corp of America 2019-05-16 (filed) · Take-private · $1.15 a share | Not named in the filing Unclassified | Industrials | $23m | 12.7x | 0.5x | n.a. | SC 13E3 All cash |
Buckeye Partners, L.P. 2019-05-10 · Public merger · $41.50 a share | Hercules Intermediate Holdings LLC Strategic | Energy | $10bn | 15.5x | 2.5x | 28% | DEFM14A All cash |
Anadarko Petroleum Corp 2019-05-09 · Public merger · $59.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Occidental Petroleum Corporation Strategic | Energy | $46bn | 6.3x | 3.2x | n.a. | DEFM14A Includes stock |
Zayo Group Holdings, Inc. 2019-05-08 · Public merger · $35.00 a share | Front Range TopCo, Inc. Unclassified | Media & Telecom | $14bn | 11.9x | 5.4x | 14% | DEFM14A All cash |
Emc Insurance Group Inc 2019-05-08 · Take-private · $36.00 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | Employers Mutual Casualty Company Strategic | Financials | $780m | n.a. | 1.1x | 50% | SC 13E3 All cash |
Emc Insurance Group Inc 2019-05-08 · Public merger · $36.00 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | Employers Mutual Casualty Company Strategic | Financials | $780m | n.a. | 1.1x | 50% | DEFM14A All cash |
Control4 Corp 2019-05-08 · Public merger · $23.91 a share | Wirepath Home Systems, LLC Strategic | Technology | $569m | 26.7x | 2.1x | 40% 38% to VWAP | DEFM14A All cash |
Andeavor Logistics LP 2019-05-07 · Public merger · $1.63 a share | Tesoro Logistics GP, LLC Strategic | Energy | $5.5bn | 4.6x | 2.2x | 2% 8% to VWAP | DEFM14A All cash |
Intermolecular Inc 2019-05-06 · Public merger · $1.20 a share | EMD Group Holding II, Inc. Strategic | Technology | $32m | n.a. | 1.1x | 5% | DEFM14A All cash |
Aquantia Corp 2019-05-06 · Public merger · $13.25 a share | Marvell Technology Group LTD. Strategic | Technology | $408m | n.a. | 3.7x | 39% | DEFM14A All cash |
Citizens First Corp 2019-05-06 (filed) · Public merger · $5.80 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Financials | $8m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Chesapeake Lodging Trust 2019-05-05 · Public merger · $11.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | PK Domestic Property LLC Strategic | Real Estate | $1.4bn | n.a. | 2.3x | n.a. | DEFM14A Includes stock |
Amplify Energy Holdings LLC 2019-05-05 · Public merger · $10.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Midstates Petroleum Company, Inc. Strategic | Energy | $467m | 4.9x | 1.5x | n.a. | DEFM14A Includes stock |
Ranpak Holdings Corp. 2019-05-03 (filed) · Public merger · $10.00 a share | Not named in the filing Unclassified | Materials | $497m | 6.6x | 1.8x | n.a. | DEFM14A All cash |
Aratana Therapeutics, Inc. 2019-04-26 · Public merger · $0.25 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Elanco Animal Health Incorporated Strategic | Healthcare | -$25m | n.a. | -0.6x | 39% | DEFM14A Includes stock |
Entegra Financial Corp. 2019-04-23 · Public merger · $30.18 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM revenue 110.5x above 60x | First Citizens Strategic | Financials | $111m | n.a. | 110.5x | n.a. | DEFM14A Includes stock |
FG Nexus Inc. 2019-04-22 (filed) · Public merger · $8.00 a share | Not named in the filing Unclassified | Financials | $15m | n.a. | 0.2x | n.a. | DEFM14A All cash |
Electronics For Imaging Inc 2019-04-14 · Public merger · $37.00 a share | East Private Holdings II, LLC Strategic | Industrials | $1.2bn | 16.0x | 1.2x | 26% 26% to VWAP | DEFM14A All cash |
Advanced Disposal Services, Inc. 2019-04-14 · Public merger · $33.15 a share | Waste Management Financial sponsor | Utilities | $4.8bn | 13.0x | 3.1x | 22% | DEFM14A 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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