PJT Partners Investment Banking Pitch Book
Historical Exchange Ratio(¹)
Solar Class A/Lunar Share Price (For Informational Purposes Only)
1.800x
1.500x
1.200x
0.900x
0.600x
0.300x
Solar A Offer Illustrative
Exchange Ratio of 1.547x(2)
Weighted Avg. Offer Illustrative
Exchange Ratio of 1.552x
www.www
Jun-14
Source: Capital IQ and Bloomberg.
Note: Market data as of 6/21/16.
Sep-14 Nov-14
30-Trading Day Average
60-Trading Day Average
(1) Solar Class A share price divided by Lunar share price.
(2) Exchange ratio for Solar Class A shares including value of cash.
(3) Premium of offer exchange ratio of 1.547x for Solar Class A shares.
90-Trading Day Average
180-Trading Day Average
1-Year Average
2-Year Average
Feb-15
Implied Solar A
Exchange Ratio
May-15 Jul-15
1.263x
1.255x
1.230x
1.124x
1.108x
1.063x
четвитри
Offer
Premium (3)
22%
23%
26%
38%
40%
46%
Oct-15 Dec-15 Mar-16
Jun-16
Confidential
1.329x
Solar
More Favorable to
Lunar
PJT Partners
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