PJT Partners Investment Banking Pitch Book
Historical Exchange Ratio - Deal Premium Allocated(1)
Solar Share Price / Lunar Share Price (For Informational Purposes Only)
1.000x Offer Exchange Ratio of 0.678x
for Class A share
0.750x
0.500x
0.250x
Weighted Avg. Offer Exchange
Ratio of 0.776x
Jun-14
Source: Capital IQ and Bloomberg.
Note: Market data as of 6/21/16,
Foren
Sep-14 Nov-14
www
30-Trading Day Average
60-Trading Day Average
90-Trading Day Average
180-Trading Day Average
1-Year Average
2-Year Average
Feb-15
May-15
Solar A Current Share Price
Cash Consideration Allocated
to Current Share Price (2)
Solar A Stock Consideration per Share
Implied Adjusted Exchange Ratio
Implied Solar A
Exchange Ratio
Jul-15
0.533x
0.519x
0.503X
0.520x
0.560x
0.547x
Offer
Premium (3)
27%
31%
35%
30%
21%
24%
f
Oct-15 Dec-15 Mar-16
$27.55
(15.47)
$12.08
0.583x
Jun-16
(1) $18.00 cash consideration and $14.06 stock consideration per Solar Class A share, a 56% /44% cash/stock mix. Cash consideration allocated pro rata to total offer price, based on Solar
Class A current share price of $27.55, would imply $15.47 cash consideration per share.
(2) Represents Solar Class A share price less allocated cash consideration of $15.47.
(3) Premium of offer exchange ratio of 0.678x for Solar Class A shares.
Confidential
0.663x
0.583x
Solar
More Favorable to
Lunar
PJT Partners
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