Baird Investment Banking Pitch Book
3.00x
3) MERGER CONSIDERATION ANALYSIS
Exchange Ratio Analysis (AM Value ÷ AMGP Value)
■ The exchange ratio ranges depicted below are derived as follows for each methodology:
The low value in the range uses the lowest implied value for an AM Common Unit divided by the highest implied value for an
AMGP common share
2.50x
2.00x
1.50x
1.00x
0.50x
0.00x
2.02x
The high value in the range uses the highest implied value for an AM Common Unit divided by the lowest implied value for an
AMGP common share
1.13x
Discounted Cash
Flow Analysis
Reference Median (¹): 1.527x
2.20x
1.24x
Discounted
Distribution Analysis
Aggregate Exchange Ratio (Equity + Cash) (2): 1.776x
1.82x
Confidential
0.90x
Selected Public
Comparables Analysis
(1)
Represents the Reference Median of AM divided by the Reference Median of AMGP (see previous page).
(2) Assumes a 1.6023x base exchange ratio and $3.00 per unit in cash. Based on a 20-day VWAP as of October 5, 2018, the cash value in exchange ratio terms is 1.776.
1.72x
BAIRD
0.97x
Selected Precedent
Transactions Analysis
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