Credit Suisse Investment Banking Pitch Book
Selected acquiror stock price reaction summary
Selected high premium transactions
(3 in millions)
Ann.
Date
E&P transactions
Target
07/23/12 Nexen Inc.
04/15/12 Mariner
07/14/11 Petrohawk Energy Corp
07/14/08
Duvernay Oil Corp
06/23/06
Kerr-McGee Corp
06/23/06 Western Gas Resources Inc
Other transactions
06/29/12 Amylin Pharmaceuticals Inc
04/19/12 Human Genome Sciences Inc
01/07/12 Inhibitex Inc
04/04/11 National Semiconductor Corp
01/12/09 Advanced Medical Optics Inc
05/18/07
10/30/06
12/14/05 Abgenix Inc
aQuantive Inc
Sirna Therapeutics Inc
CREDIT SUISSE
Acquiror
CNOOC
Apache
BHP Billiton PLC
Royal Dutch Shell
Anadarko Petroleum Corp
Anadarko Petroleum Corp
Bristol-Myers Squibb Co
GlaxoSmithKline PLC
Bristol-Myers Squibb Co
Texas Instruments Inc
Abbott Laboratories
Microsoft Corp
Merck & Co Inc
Amgen Inc
Trans.
Value
$17,743
4,685
15,068
5,838
17,818
5,385
$7,183
2,910
2,524
6,360
1,378
6,333
1,132
2,127
Acquiror
Consideration equity value
100% cash
100% cash
100% cash
100% cash
100% cash
100% cash
Mean
Median
100% cash
100% cash
100% cash
100% cash
100% cash
100% cash
100% cash
100% cash
Mean
Median
Source: SDC Platinum, FactSet Research Systems.
Premium to unaffected spot
Mean
Median
$88,866
36,007
204,718
236,346
20,591
20,591
60,324
115,838
57,832
39,607
77,715
295,105
99,156
94,747
Premium to ¹
1-Day
61.2%
48.6%
61.9%
42.0%
40.2%
49.1%
50.5%
48.9%
101.4%
98.7%
163.4%
77.7%
148.6%
85.4%
101.6%
74.4%
106.4%
100.1%
106.4%
100.1%
20-Day
73.7%
68.1%
62.1%
34.3%
34.6%
28.4%
50.2%
48.4%
81.4%
85.1%
86.2%
70.2%
297.8%
108.5%
132.1%
111.5%
121.6%
97.4%
121.6%
97.4%
Acquiror share
price reaction
1-Day
(3.1%)
(1.5%)
(2.8%)
(1.4%)
(9.9%)
(9.9%)
(4.8%)
(3.0%)
(0.3%)
0.7%
(0.9%)
1.7%
(2.2%)
(0.5%)
(0.5%)
2.2%
0.0%
(0.4%)
0.0%
(0.4%)
S&P price
performance
1-Day
(0.9%)
(0.1%)
(1.0%)
(0.9%)
0.4%
0.4%
(0.3%)
(0.5%)
(0.7%)
(0.6%)
0.2%
(0.0%)
(2.3%)
0.7%
0.0%
0.0%
(0.3%)
(0.0%)
(0.3%)
(0.0%)
Confidential
12View entire presentation