Citi Investment Banking Pitch Book
Selected 13E-3 Precedent Transactions
All Industries excl. Energy(¹)
Ann.
Date
Acquiror
5/25/2022 Axar Capital Management LP
8/30/2021 Geneve Holdings Inc
7/2/2021 Banco Santander, S.A.
11/12/2020 Sumitovant Biopharma Ltd
9/4/2020 Farm Bureau Property & Casualty
8/31/2020 konis Pharmaceuticals
8/19/2020 Dufry AG
11/27/2019 KYOCERA Corp
4/23/2019 Sonic Financial Corp
3/4/2019 BBX Capital Corp
11/16/2018 Employers Mutual Casualty Co
11/9/2018 NASCAR Media Group LLC
6/19/2018 Roche Holding AG
1/9/2018 Michael Karfunkel Family 2005 Trust
3/9/2016 Hallmark Cards Inc
3/7/2016 American Financial Group Inc
2/29/2016 Icahn Enterprises LP
1/15/2016 Existing Management
2/5/2014 Great American Insurance Group
2/19/2013 Chiesi Farmaceutici SpA
12/13/2012 Sprint Nextel Corp
11/28/2012 Danfoss A/S
11/14/2011 BFC Financial Corp
11/1/2010 CNA Financial Corporation
8/26/2010 Berkshire Hathaway Inc
12/22/2009 Danfoss Acquisition Inc.
9/9/2009 Tilman J. Fertitta
1/18/2005 Liberty Media
3/18/2002 Network Associates Inc.
8/30/2000 AXA SA
75th Percentile
Average
Median
25th Percentile
For informational purposes:
Pending ABP Trust
15
Target
StoneMor Inc
Independence Holding Co
Santander Consumer USA Holdings Inc
Urovant Sciences Ltd
FBL Financial Group Inc
Akcea Therapeutics Inc
Hudson Ltd
AVX Corp
(1)
Speedway Motorsports Inc
Bluegreen Vacations Corp
EMC Insurance Group Inc
International Speedway Corp
Foundation Medicine Inc
Amtrust Financial Services Inc
Crown Media Holdings Inc
National Interstate Corp
Federal-Mogul Holdings Corporation
Synutra International Inc
National Interstate Corporation
Cornerstone Therapeutics Inc
Clearwire Corp
Sauer-Danfoss Inc
Bluegreen Corp
CNA Surety Corporation
Wesco Financial Corp.
Sauer-Danfoss Inc.
Landry's Restaurants Inc.
UnitedGlobalCom Inc.
McAfee.com Corp.
AXA Financial Inc.
AlerisLife Inc.
Consideration
% Cash
100%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
20
52
65
100%
ALR Unaffacted
Share Price
$0.81
% Stock
AlerisLife Implied Equity Value Per Share
Source: Deal Point Data, FactSet and public filings as of 02/02/2023.
Note: Selected announced transactions from January 1, 2000, to August 5, 2022, where acquiror with > 50%
existing ownership stake in a U.S. public company target acquired the remaining stake it did not
already own in the target company. Excludes transactions with 100% cash consideration announced prior
to January 1, 2010, Metrics other than unaffected premium shown for informational purposes.
Excludes transactions where target company operates in energy, metals & mining or chemicals industry.
80
48
35
Existing Deal Value
Own. (%) (Smm)
72%
63
80
72
61
76
57
72
72
90
54
84
57
51
90
51
82
64
52
58
50
76
54
62
80
76
55
53
75
60
39%(3)
$428
313
2,512
169
587
445
303
1,031
900
115
356
1,167
2,261
1,447
176
312
305
128
290
112
3,330
693
157
478
545
156
178
3,618
230
11,189
$68
Price Per Share
Initial Final
$3.50
57.00
41.50
16.25
61.00
18.15
7.70
$3.50
50.00
39.00
16.25
47.00
15.50
6.25
19.50
18.00
16.00
30.00
42.00
133.00
12.25
5.05
30.00
7.00
5.91
28.00
6.55
2.60
49.00
5.70
22.00
353.00
10.10
13.00
9.34
7.43
49.44
$0.95
21.75
19.75
16.00
36.00
45.00
137.00
14.75
5.05
32.50
10.00
6.05
30.00
9.50
5.00
58.50
10.00
26.55
390.54
14.00
24.50
9.45
15.43
54.63
$1.31
Premium(2)
Unaffected 1-Day 1-Month
Premium to Unaffacted Share Price
Low(4)
8.2%
High (4)
43.9%
54%
14
14
96
25
(1)
50
45
42
2
15
15
0
45
(1)
10
38
25
3
39
58
11
390
15
8
21
120
13
(21)
4
44%
38
15
8
62%
52%
36
14
105
64
59
46
45
44
19
50
14
29
45
2
44
101
58
35
73
82
49
381
38
20
53
126
11
(1)
5
59%
57
45
22
64%
40%
27
7
81
77
67
89
34
16
50
22
69
46
18
40
110
25
30
70
125
49
403
47
14
54
158
24
(5)
43
70%
62
44
25
138%
1
2
4
2
3
2
2
5
3
3
3
5
1
1
3
5
4
3
1
1
8
3
6
2
43
3
1
Price Increases
Total (%) Avg. (%)
14
6
30
17
23
12
10
20
7
3
8
20
0
8
43
2
7
45
92
19
75
21
11
39
88
1
108
10
28%
24
13
7
38%
Implied Equity Value Per Share
Low
High
$1.17
$0.88
Based on final price and target company stock price one-day and one-month prior to unaffected date.
Includes shares held by DHC subject to the terms of a separate agreement between DHC and ABP (see "Certain
Closing Conditions on slide 5).
Premium to unaffected share price range based on 25th to 75th percentile of selected precedent transactions.
14
6
15
4
12
4
5
-
10
1
1
7
392
7
15
18
5
25
5
11
39
11
0
18
5
13%
9
7
4
9%
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