PJT Partners Investment Banking Pitch Book
Historical Exchange Ratio - Premium Allocated Entirely to Share Consideration (¹)
Solar Share Price / Lunar Share Price (For Informational Purposes Only)
1.000x
0.750x
0.500x
0.250x
Offer Exchange Ratio of 0.678x
for Class A share
Weighted Avg. Offer Exchange
Ratio of 0.776x
Jun-14
Sep-14
Source: Capital IQ and Bloomberg.
Note: Market data as of 6/21/16.
Nov-14
باشره
unde
30-Trading Day Average
60-Trading Day Average
90-Trading Day Average
180-Trading Day Average
1-Year Average
2-Year Average
Feb-15
修
May-15
(1) $18.00 cash consideration allocated entirely to Solar Class A share price.
(2) Represents Solar Class A share price less allocated cash consideration of $18.00.
Solar A Current Share Price
Full Cash Consideration
to Current Share Price (2)
Solar A Stock Consideration per Share
Implied Adjusted Exchange Ratio
hing
Implied Solar A
Exchange Ratio
Jul-15
0.413x
0.398x
0.383x
0.421x
0.471x
0.462x
Oct-15 Dec-15 Mar-16
$27.55
(18.00)
$9.55
0.461x
Jun-16
Confidential
0.553x
0.461x
Solar
More Favorable to
Lunar
PJT Partners
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