Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
3 Historical M&A Premia
U.S. Based Targets | $3-$8bn Transaction Value | Cash-Only Deals | All Industries
CONFIDENTIAL
Historical M&A Premia
25th Percentile
75th Percentile
Median
Mean
Deal Count
15%
26%
2018
1 Day
10% i
17
51%!
18 %
31%
30 Day 52W High
21%
(4)%
52%
21%
33%
41%
5%
42%
31%
24%
21%
ALLADI
9%
9%
2020
2021
22%
41%
2019
14
7%
7%
Historical Acquisition Premia Medians¹
7%
Ferdinand Share Price
CD&R Offer
1 Day
$36.78
$ 50.00
CD&R Offer Premium
36%
Implied Ferdinand Share Price Based on Historical M&A Premia
25th Percentile
75th Percentile
$40.50
$ 55.68
$43.55
$ 46.93
$ 58.98
$51.63
Median
Mean
$48.07
$ 54.90
14
21
17%
40 %
■1 Day 30 Day 52 Week High
2022
INVESTMENT BANKING
DIVISION
26
Source: CapIQ, FactSet. Data includes transactions in 2018-2022. Market data as of 16-Dec-2022.
*Premium is relative to target share price 1 day, 30 days, and 52-week high prior to announcement for deals with U.S. targets valued between $3-$8 billion.
30 Day
$38.91
$ 50.00
29 %
2%
36%
29%
CD&R
52W High
$61.24
$50.00
(18)%
Offer
$58.74
$73.80
$65.29
$65.57
(18)%
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