X hits on this document

118 views

0 shares

0 downloads

0 comments

49 / 54

Mean (median)

All Transactions (n=71)

Tender Offers (n=25)

Statutory Mergers (n=45)

Controlling shareholder Controller pre-announcement stake Founder or family group Experienced outside counsel?

64.0% (66.0%) 36.6% 36.2%

71.5% (74.0%) 20.0%*** 62.5%***

62.9% (63.0%) 46.7%*** 20.5%***

Deal characteristics Transaction value ($MM) Stock consideration

$415.3 ($21.5) 28.2%

$541.8 ($70.9) 32.0%

$335.5 ($15.3) 24.4%

Offer conditions Non-waivable majority-of-the-minority or 90% tender condition Back-end guarantee at deal price

61.7%

83.3%***

47.2%***

100.0%

100.0%

N/A

Outcomes Tendered into front-end tender offer (%) Success rate Days between initiation and close

70.6% (77.0%) 81.2% 149.9 (134.0)

70.6% (77.0%) 83.3% 103.5*** (81.0)

N/A 79.5% 173.5*** (174.5)

Premiums First offer over average price: 30 days prior 60 days prior Increase over average price: 30 days prior 60 days prior Final deal price over average price (successful deals only): 30 days prior 60 days prior

25.1% (16.0%) 22.8% (14.8%)

14.8%** (9.4%) 12.5%** (8.9%)

31.5%** (29.9%) 29.3%** (27.0%)

21.5% (13.8%) 21.1% (13.8%)

10.8%** (9.0%) 10.4%** (8.7%)

28.4%** (15.3%) 28.1%** (15.7%)

44.9% (32.1%) 42.4% (33.8%)

26.6%** (26.5%) 23.6%** (21.6%)

56.9%** (48.6%) 54.8%** (45.4%)

Table 2: Summary Statistics by Transaction Form (cont)

Panel B: Delaware Targets Only

47

Document info
Document views118
Page views118
Page last viewedSun Dec 04 19:04:57 UTC 2016
Pages54
Paragraphs1765
Words17237

Comments