Evercore Investment Banking Pitch Book
Overview of Proposed Transaction and Process Summary
Implied Offer Price Premium Analysis
The offer price represents a ~47% premium to the unaffected closing stock price (¹) and a slight discount to the trailing twelve
month average as of the day prior to the proposal
Offer Price
Current Price (9/9/11)
1 Day Prior (6/10/11) - Unaffected Price
1 Week Prior
2 Weeks Prior
1 Month Prior
2 Months Prior
3 Months Prior
6 Months Prior
1 Year Prior
2 Years Prior
52-Week High
52-Week Low
Implied Offer Price Premium
Average for
the Period (2)
$25.00
20.37
16.96
18.21
19.28
20.96
22.63
23.48
23.80
25.03
26.52
Prem./(Disc.)
22.7%
47.4%
37.3%
29.6%
19.3%
10.5%
6.5%
5.1%
(0.1%)
(5.7%)
Closing
Price
(2)
$25.00
20.37
16.96
18.97
21.52
22.66
25.24
24.96
24.45
28.27
25.74
30.77
16.77
Confidential
Prem./(Disc.)
22.7%
47.4%
31.8%
16.2%
10.3%
(1.0%)
0.2%
2.2%
(11.6%)
(2.9%)
(18.8%)
49.1%
Source: FactSet
(1) The unaffected share price reflects the closing price on 6/10/11, which was the last closing price prior to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11
(2) Based on closing prices and historical periode relative to unaffected closing share price on 6/10/11, except for 52 week high and low, which are intraday prices
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