1、A PR IL 20232022 Transaction Termination Fee StudyTable of Contents2Page1.2022 Transaction Termination Fee Study Summary32.2022 Transaction Termination Fee Detail233.2022 Reverse Transaction Termination Fee Detail314.About Houlihan Lokey365.Disclaimer402022 Transaction Termination Fee Study SummaryI

2、ntroductionHoulihan Lokeys 2022 Transaction Termination Fee Study(2022 Study)employs search and screening criteria similar to those used in previous studies.We applied these criteria to the universe of announced transactions from 2018 through 2022 to provide a basis for comparison.Our study focuses

3、on termination fees as a percentage of both“transaction value”and“enterprise value.”Transaction value is the total value of consideration paid by an acquirer,including total rights,warrants,options,and net assumed liabilities,cash,and short-term investments,but excluding fees and expenses.Enterprise

4、 value is defined as the number of shares outstanding multiplied by the per-share offer price,plus the cost to acquire convertible securities,debt,and preferred equity,minus cash and marketable securities.We conducted our search using data from Refinitiv and S&P Capital IQ and applied the following

5、screening criteria:Target company is a U.S.public company.Transaction announcement date is between January 1,2022,and December 31,2022.Transaction value is greater than$50 million.Transaction type comprises:Acquisitions of full or majority interest.Leveraged buyouts.Tender offers(bankruptcy,divestit

6、ure,and spinoff transactions are excluded).Deal status is closed,pending,or withdrawn.Termination fee is disclosed.For the 2022 Study,140 transactions met these criteria;we have analyzed these transactions in terms of transaction and enterprise values.4Transaction Termination FeesGiven the time and

7、expense involved in negotiating and structuring a proposed transaction,acquirers are continuously looking for creative ways to deter competing bids before the consummation of a transaction.Protective devices used by acquirers are heavily negotiated and may include termination fees,“lockup”agreements

8、,and“no-shop”provisions.Conversely,in seeking to maximize stockholder value,boards of directors of target companies try to obligate the acquirer to consummate the agreed-upon transaction while maintaining the flexibility to seek and accept a superior offer for the target.Termination(or breakup)fees

9、are probably the most common type of lockup device and are typically payable by the target to the acquirer to compensate the acquirer if the transaction fails to close for one of the following reasons,among others:The target board elects to terminate the acquisition agreement in order to accept a co

10、mpeting offer.The target board changes its recommendation,and the acquirer elects to terminate the merger agreement rather than proceed with the stockholder vote.The original bid fails for some other specified reason,such as being voted down by the stockholders,after a competing proposal has been an

11、nounced and is agreed to or closed within a specified period(typically six to 12 months).When properly crafted,a termination fee provision can facilitate the sale of a company by ensuring that the bidder will receive a material“consolation prize”to defray its investmentin time,out-of-pocket expense,

12、and opportunity costif the transaction is not consummated.On the other hand,termination fees protect the acquirer by effectively increasing the price that a third-party bidder will need to pay in order to consummate a competing transaction.5Enterprise and Transaction ValuesOf the 140 transactions re

13、viewed in 2022,the mean transaction value equaled approximately$5.1 billion,marking a 25.8%increase from the 2021 mean transaction value of approximately$4.0 billion.The mean enterprise value equaled approximately$5.2 billion,marking a 14.0%increase from the 2021 mean enterprise value of approximate

14、ly$4.6 billion.The median transaction value in 2022 equaled approximately$1.8 billion,marking a 17.7%decrease from the 2021 median transaction value of approximately$2.1 billion.The median enterprise value equaled approximately$1.9 billion,marking a 20.2%decrease from the 2021 median enterprise valu

15、e of approximately$2.3 billion.Enterprise and Transaction Value Annual Summary($in millions)Sources:Refinitiv and S&P Capital IQ.(1)The mean transaction and enterprise value indications in 2019 were impacted by six“megadeals”with implied transaction values greater than$30 billion,including Bristol-M

16、yers Squibb Co.s$99.5 billion acquisition of Celgene Corp.;United Technologies Corp.s$91 billion acquisition of Raytheon Co.;Occidental Petroleum Corp.s$60 billion acquisition of Anadarko Petroleum Corp.;Chevron Corp.s canceled$54 billion acquisition of Anadarko Petroleum Corp.;Fidelity Inc.s$44 bil

17、lion acquisition of Worldpay,Inc.;and Fiserv,Inc.s$42 billion acquisition of First Data Corp.(2)The mean transaction and enterprise value indications in 2020 were impacted by two“megadeals”with implied transaction values greater than$30 billion,including AstraZeneca PLCs$43.4 billion acquisition of

18、Alexion Pharmaceuticals,Inc.,and Advanced Micro Devices,Inc.s$36.8 billion acquisition of Xilinx,Inc.(3)The mean transaction and enterprise value indications in 2021 were impacted by three“megadeals”with implied transaction values greater than$30 billion,including Canadian National Railway Companys$

19、33.9 billion canceled merger with Kansas City Southern,Canadian Pacific Railway Limiteds$31.6 billion acquisition of Kansas City Southern,and Oracle Corporations$30.2 billion acquisition of Cerner Corporation.(4)The mean transaction and enterprise value indications in 2022 were impacted by four“mega

20、deals”with implied transaction values greater than$30 billion,including The Kroger Companys$34.0 billion merger with Albertsons Companies,Inc.,Elon Musks$48.1 billion acquisition of Twitter,Inc.,Broadcom Inc.s$73.0 billion acquisition of VMware,Inc.and Microsoft Corporations$79.6 billion acquisition

21、 of Activision Blizzard,Inc.(5)Excludes banks and other financial institutions due to lack of reliable data.Transaction Value(1,2,3,4)Enterprise Value(1,2,3,4,5)2002022Mean$3,820.4$5,993.7$4,061.9$4,025.1$5,064.0$4,719.6$6,320.9$4,518.6$4,588.6$5,228.7Median$1,106.5$

22、2,000.5$1,272.7$2,137.0$1,759.5$1,778.4$2,001.3$1,463.0$2,326.9$1,857.4Number of Transactions 91461266Transaction Termination FeesTransaction ValueIn the 2022 Study,termination fees as a percentage of transaction value ranged from 0.3%to 6.2%,with a mean of 2.7%and a median of

23、2.6%.The 0.3%termination fee was observed in BDT Capital Partners,LLCs acquisition of Weber Inc.The 6.2%termination fee was observed in Healthcare Realty Trust Incorporateds merger with Healthcare Trust of America Inc.Sources:Refinitiv and S&P Capital IQ.Transaction Termination Fees as a Percentage

24、of Transaction Value2.9%2.7%2.5%2.9%2.7%3.0%2.9%2.7%2.8%2.6%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%200212022MeanMedian7Transaction Termination Fees Transaction Value(cont.)The distribution of termination fees as a percentage of transaction value in 2022 generally resembles a classic bell cur

25、ve,with most results clustered between 2.0%and 4.0%,with the observed mean(2.7%)and median(2.6%).Distribution of Termination Fee PercentagesSources:Refinitiv and S&P Capital IQ.0.0%5.0%10.0%15.0%20.0%25.0%30.0%1.0%-2.0%-2.5%-3.0%-3.5%-4.0%-5.0%Percentage of Total Transactions2002120228Tra

26、nsaction Termination Fees Enterprise ValueTermination fees as a percentage of enterprise value were analyzed for deals announced from 2018 through 2022.Due to the inclusion of debt,enterprise value(the denominator in the fee percentage calculation)is typically greater than transaction value.However,

27、this trend is not always illustrated in this analysis,as transactions involving financial institutions are excluded from the enterprise value data set.Sources:Refinitiv and S&P Capital IQ.(1)Excludes banks and other financial institutions due to lack of reliable data.Transaction Termination Fees as

28、a Percentage of Enterprise Value(1)2.9%2.7%2.5%2.8%2.8%2.9%2.7%2.5%2.8%2.9%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%200212022MeanMedian9Transaction Termination Fees Enterprise Value(cont.)Distribution of Termination Fee PercentagesSources:Refinitiv and S&P Capital IQ.The distribution of termin

29、ation fees as a percentage of enterprise value resembles the shape of a bell curve,with most of the distribution centered between 2.0%and 4.0%near the observed mean(2.8%)and median(2.9%).0.0%5.0%10.0%15.0%20.0%25.0%30.0%1.0%-2.0%-2.5%-3.0%-3.5%-4.0%-5.0%Percentage of Total Transactions200

30、21202210Transaction Termination Fees Semiannual SummaryFollowing a record-breaking year in 2021,M&A activity remained elevated by historical standards in the first half of 2022.However,M&A activity decelerated substantially in the second half of 2022 amid intensifying inflationary,geopolitical,and m

31、acroeconomic headwinds.Compared to the first half of 2022,the second half of 2022 experienced a decline in the number of transactions,median transaction value,and median enterprise value,with the median transaction value in the second half of 2022 19.4%lower than that of the first half of 2022.In do

32、llar terms,the median termination fee decreased slightly from$46.3 million in the first half of 2022 to$46.0 million in the second half of 2022.The median termination fee as a percentage of transaction value remained constant at 2.6%from the first to second half of 2022 but increased as a percentage

33、 of enterprise value(2.6%to 3.0%).Sources:Refinitiv and S&P Capital IQ.(1)Excludes banks and other financial institutions due to lack of reliable data.(2)Based on the median of all calculated termination fees as a percentage of transaction value,not the calculation of the observed median transaction

34、 value and median termination fee.(3)Based on the median of all calculated termination fees as a percentage of enterprise value,not the calculation of the observed median enterprise value and median termination fee.2022 Termination Fee Summary($in millions)First Half of 2022Second Half of 2022Number

35、 of Transactions8555Median Transaction Value$1,940.4$1,564.1Median Enterprise Value(1)$2,809.5$1,532.6Median Termination Fee$46.3$46.0Median Fee as a Percentage of Transaction Value(2)2.6%2.6%Median Fee as a Percentage of Enterprise Value(1,3)2.6%3.0%11In the 2022 Study,41 deals had transaction valu

36、es greater than$5 billion,compared with 44 in 2021.These large transactions accounted for 29.3%of the sample in 2022,compared with 24.6%in 2021.For transactions of this magnitude,the median termination fee as a percentage of transaction value was 2.2%in 2022,compared with 2.6%in 2021.The“Median Term

37、ination Fee as a Percentage of Transaction Value”is based on the median of all calculated termination fees as apercentage of transaction value,not the calculation of the observed“Median Transaction Value”and“Median Termination Fee.”In dollar terms,the highest termination fee among the transactions r

38、eviewed in 2022 was observed in Microsoft Corporations$79.6 billion proposed acquisition of Activision Blizzard(with a termination fee of approximately$2.3 billion,or 2.9%of the transaction value).Termination Fees by Transaction Size Transaction ValueTermination Fees by Transaction SizeTransaction V

39、alue($in millions)Sources:Refinitiv and S&P Capital IQ.Number of TransactionsMedianTransaction ValueMedianTermination FeeMedian Termination Fee as a Percentage of Transaction ValueTransaction Size2022220222$50 Million$250 Million2822$125.5$127.1$5.0$3.94.0%3.6%$250 Million$500

40、Million2023$346.8$325.7$11.7$10.03.0%3.0%$500 Million$1 Billion1811$729.6$699.2$20.2$17.53.1%2.7%$1 Billion$5 Billion6943$2,596.2$2,172.1$64.5$56.02.6%2.6%More Than$5 Billion4441$7,876.1$8,340.7$227.5$212.52.6%2.2%All179140$2,137.0$1,759.5$52.5$46.12.8%2.6%12Termination Fees by Transaction SizeDistr

41、ibution of Termination FeesApproximately 47.1%of the sampled transactions in 2022 had termination fees greater than$50 million vs.51.7%,36.7%,43.3%,and 37.6%in 2021,2020,2019,and 2018,respectively.Distribution of Termination FeesSources:Refinitiv and S&P Capital IQ.0.0%5.0%10.0%15.0%20.0%25.0%30.0%$

42、5$10$20$50$100$500Termination Fee($Millions)Percentage of Total Transactions20021202213In the 2022 Study,37 deals had enterprise values greater than$5 billion,compared with 42 deals in 2021.These large transactions accounted for approximately 29.4%of the sample in 2022,compared with 28.8%

43、in 2021.Within this segment of the sample,the median termination fee was 2.4%of enterprise values in 2022,compared with 2.6%in 2021.The“Median Termination Fee as a Percentage of Enterprise Value”is based on the median of all calculated termination fees as a percentage of enterprise value,not the cal

44、culation of the observed“Median Enterprise Value”and“Median Termination Fee.”Termination Fees by Transaction SizeEnterprise ValueTermination Fees by Transaction SizeEnterprise Value($in millions)(1)Sources:Refinitiv and S&P Capital IQ.(1)Excludes banks and financial institutions due to lack of relia

45、ble data.Number of TransactionsMedianEnterprise ValueMedianTermination FeeMedian Termination Fee as a Percentage of Enterprise ValueTransaction Size2022220222$50 Million$250 Million1512$108.0$151.1$4.5$3.83.8%2.8%$250 Million$500 million1521$365.2$304.5$11.5$10.62.8%3.3%$500 Mi

46、llion$1 Billion1113$710.3$664.5$18.6$19.02.9%3.0%$1 Billion$5 Billion6343$2,326.8$2,671.0$63.5$63.02.7%2.8%More Than$5 Billion4237$8,289.4$8,193.6$235.0$220.02.6%2.4%All146126$2,326.9$1,857.4$64.5$51.62.8%2.9%14Termination Fees by Consideration FormThe analysis indicates that,during 2022,a smaller p

47、ercentage of the transactions included some form of stock consideration compared with 2021(27.1%of the 2022 sample compared with 39.1%of the 2021 sample).The median termination fee as a percentage of deal value is based on the median of all calculated termination fees as a percentage of deal value,n

48、ot the calculation of the observed median transaction or enterprise value and median termination fee.Termination Fees by Consideration Form($in millions)Sources:Refinitiv and S&P Capital IQ.(1)Excludes banks and financial institutions due to lack of reliable data.While termination fees correlate wit

49、h enterprise value and transaction size,they do not correlate strongly with the form of consideration.Number of TransactionsMedianMedian Termination FeeMedian Termination Fee as a Percentage ofTransaction ValueEnterprise Value(1)Transaction ValueEnterprise Value(1)Consideration Form202222

50、022220222All Stock2918$1,101.5$287.7$1,722.5$281.6$20.2$8.93.4%3.2%2.7%3.5%All Cash109102$2,137.0$2,115.3$2,120.8$2,262.4$55.1$53.52.8%2.6%2.9%2.8%Cash and Stock4120$3,727.7$2,050.6$7,100.0$3,535.3$90.5$40.02.7%2.9%2.5%2.4%All179140$2,137.0$1,759.5$2,326.9$1,857.4$52.5$46.12.8%

51、2.6%2.8%2.9%15Termination Fees by Acquisition Type We compared public-to-private transactions(including management buyouts,leveraged buyouts,and private equity investments)with all other types of transactions.40 transactions involved financial buyers,including private equity firms,and sovereign weal

52、th funds taking public targets private,with median termination fees of 2.5%of transaction and enterprise values,respectively.The remaining 100 transactions,in which the target was not taken private,yielded median termination fees of 2.9%of transaction and enterprise values,respectively.We also compa

53、red termination fees paid in transactions involving strategic buyers with those paid in transactions involving financial buyers.For the purposes of our study,a strategic buyer is defined as a buyer in the same industry or a buyer seeking to vertically or horizontally integrate(including private equi

54、ty platform add-ons);a financial buyer is defined as a buyer seeking to profit by acquiring,but not necessarily by expanding,its own business operations.For the 99 transactions involving acquirers that Refinitiv and S&P Capital IQ considered strategic,the median termination fees equaled 2.8%and 3.0%

55、for transaction and enterprise values,respectively.The other 41 transactions involved financial acquirers and had a median termination fee of 2.5%and 2.4%of transaction and enterprise values,respectively.16Bifurcated Termination FeesTransactions with so-called“go-shop”provisions generally feature bi

56、furcated termination fees,pursuant to which a lower termination fee is payable during the go-shop period(the period during which the target is allowed to actively solicit competing offers).In the 2022 Study,17 transactions(12.4%of the sample)included bifurcated termination fees.The post-go-shop peri

57、od generally has higher termination fees as a percentage of transaction and enterprise value.In 2022,bifurcated termination fees as a percentage of transaction value and enterprise value“during the go-shop period”both decreased compared with the observed 2021 data.Bifurcated termination fees as a pe

58、rcentage of transaction value and enterprise value“after the go-shop period”observed in 2022 increased and decreased,respectively,as compared with the observed 2021 data.Bifurcated Termination Fees for Deals Announced in 2021Bifurcated Termination Fees for Deals Announced in 2022(1)Excludes banks an

59、d financial institutions due to lack of reliable data.Sources:Refinitiv,S&P Capital IQ,press releases,and public filings.1.4%1.4%2.7%2.9%0.0%0.5%1.0%1.5%2.0%2.5%3.0%Median Termination Fee as aPercentage of Transaction ValueMedian Termination Fee as aPercentage of Enterprise ValueDuring Go-Shop Perio

60、dAfter Go-Shop Period1.2%1.2%2.8%2.4%0.0%0.5%1.0%1.5%2.0%2.5%3.0%Median Termination Fee as aPercentage of Transaction ValueMedian Termination Fee as aPercentage of Enterprise ValueDuring Go-Shop PeriodAfter Go-Shop Period17Reverse Breakup FeesSources:Refinitiv,S&P Capital IQ,and public filings.Prior

61、 to 2005,private equity transactions were typically subject to financing conditions that would allow the buyer to terminate the deal if debt financing was unavailable.As competition among private equity firms increased and financing became readily available,targets began to require private equity bu

62、yers to absorb more of the financing risk and provide recourse in the form of“reverse breakup fees,”which are fees payable by the acquirer to the target if funding falls through or the transaction is otherwise terminated.These fees are backstopped by a limited guarantee by the private equity fund.Th

63、e rationale behind such fees is to compensate the target for the risk that“committed”financing does not fund and the transaction does not close.With the addition of a fund commitment or guarantee,financial sponsors sought to limit the exposure of their investors by seeking a cap on the maximum exten

64、t of the funds exposure for a failed deal.Sponsors were generally successful in this effort,and the reverse termination fee quickly became a ceiling on a funds liability for intentionally breaching the agreement.In the aftermath of the numerous transactions that were abandoned in late 2007 and 2008,

65、sellers became more concerned about theoptionality created by the reverse termination fee structure.However,in recognition of the sometimes turbulent financing markets,two-tier fees were not uncommon,with a lower fee payable if the closing did not occur due to a financing failure rather than a willf

66、ul failure.Commentators have noted that forward and reverse termination fees serve different functions and should be analyzed differently.Target termination fees have the potential to foreclose a competitive bidding process(against the interests of shareholders of the target)by making acquisitions p

67、rohibitively expensive for bidders late to approach the target.Accordingly,courts have expressed concern that termination fees greater than approximately 3%of the purchase price may interfere with the Revlon duties of a sellers board to secure the highest price under the circumstances.By contrast,re

68、verse termination fees raise no such obvious concerns because they do not increase the cost of a bidding contest for later bidders.18Reverse Breakup Fees(cont.)Sources:Refinitiv,S&P Capital IQ,and public filings.Reverse Breakup Fee Trends3.7%3.8%3.7%3.7%4.2%4.2%4.0%3.5%4.1%4.8%0.0%1.0%2.0%3.0%4.0%5.

69、0%200212022Transaction ValueEnterprise Value19Reverse Breakup Fees(cont.)Reverse Breakup Fee Summary($in millions)(1)Excludes banks and financial institutions due to lack of reliable data.Sources:Refinitiv and S&P Capital IQ.Of the 140 transactions reviewed in the 2022 Study,80(57.1%)had

70、reverse breakup fees,with median fees of 4.2%and 4.8%as a percentage of transaction and enterprise values,respectively.In 2021,104(58.1%)of the 179 transactions reviewed had reversetermination fees,with median fees of 3.7%and 4.1%of transaction and enterprise values,respectively.20212022Number of Tr

71、ansactions10480Median Transaction Value$2,665.7$4,376.8Median Target Fee as a Percentage of Transaction Value2.4%2.5%Median Acquirer Fee as a Percentage of Transaction Value3.7%4.2%Median Enterprise Value$2,791.6$4,358.9Median Target Fee as a Percentage of Enterprise Value(1)2.5%2.7%Median Acquirer

72、Fee as a Percentage of Enterprise Value(1)4.1%4.8%Percentage With Identical Termination Fee23.1%12.5%Percentage With Target Fee Higher Than Acquirer Fee6.7%8.8%Percentage With Acquirer Fee Higher Than Target Fee70.2%78.8%20Reverse Breakup Fees(cont.)Reverse Breakup Fee Summary($in millions)(1)Exclud

73、es banks and financial institutions due to lack of reliable data.Sources:Refinitiv and S&P Capital IQ.In both 2021 and 2022,reverse breakup fees as a percentage of transaction value and enterprise value were higher with transactions involving financial buyers.2021 Transactions2022 TransactionsStrate

74、gicBuyersFinancialBuyersStrategicBuyersFinancialBuyersNumber of Transactions83214436Median Transaction Value$2,151.7$5,384.6$4,917.1$3,844.2Median Target Fee as a Percentage of Transaction Value2.5%2.3%2.6%2.3%Median Acquirer Fee as a Percentage of Transaction Value3.6%5.3%3.9%4.9%Median Enterprise

75、Value$2,160.8$5,271.0$4,848.1$4,182.7Median Target Fee as a Percentage of Enterprise Value(1)2.5%2.4%3.0%2.4%Median Acquirer Fee as a Percentage of Enterprise Value(1)3.6%5.6%4.3%5.3%21Analysis of Withdrawn TransactionsOf the 140 transactions reviewed in the 2022 Study,four(2.9%)were terminated.In c

76、omparison,11 of the 179 transactions reviewed in 2021 were withdrawn(6.1%).The following transactions were subsequently withdrawn in 2022 and did not include a termination payment by either party:Frontier Group Holdings Inc.s$6.2 billion proposed acquisition of Spirit Airlines,Inc.,was mutually term

77、inated,voiding the payment of a termination fee by either party.However,Spirit provided a reimbursement to Frontier of$25 million relating to transaction expenses incurred during the process.JetBlue Airways Corporations$8.7 billion proposed acquisition of Spirit Airlines,Inc.Welltower Inc.s$6.9 bill

78、ion proposed acquisition of Healthcare Realty Trust Incorporated.Essex Woodlands Management,Inc.s$305.1 million proposed acquisition of TherapeuticsMD,Inc.Sources:Refinitiv,S&P Capital IQ,press releases,and public filings.Reasons for the Termination of Transactions in 2021Reasons for the Termination

79、 of Transactions in 2022Other9%Shareholder Approval27%Superior Proposal64%Antitrust Concerns25%Shareholder Approval25%Superior Proposal50%222022 Transaction Termination Fee Detail2022 Transaction Termination Fee DetailSources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameT

80、arget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value1/5/2022ClosedCastlight Health,Inc.Health solutions provider.Vera

81、Whole Health Inc.Worksite primary care services company.Tender OfferCash$380.1$314.3$13.4 3.5%4.3%1/6/2022ClosedVocera Communications,Inc.Communication and clinical workflow solutions company.Stryker CorporationMedical technology company.Tender OfferCash$2,987.7$2,987.7$108.7 3.6%3.6%1/10/2022Closed

82、Comunibanc CorpBank holding company.Civista BancsharesFinancial holding company,Stock SwapCash&Stock$50.2-$2.0 4.0%NA1/10/2022ClosedApria,Inc.Home healthcare equipment provider.Byram Healthcare Centers,Inc.Medical supplier distributor.NACash$1,940.4$1,720.8$42.0 2.2%2.4%1/10/2022ClosedZynga Inc.Mobi

83、le games developer.Take-Two Interactive Software,Inc.Video game developer.Stock SwapCash&Stock$13,867.1$12,714.1$550.0 4.0%4.3%1/18/2022AnnouncedActivision Blizzard,Inc.Video game developer.Microsoft CorporationTechnology enterprise.NACash$79,590.1$68,987.1$2,270.1 2.9%3.3%1/19/2022ClosedDenmark Ban

84、cshares IncFinancial services company.Bank First CorporationFinancial services company.NACash&Stock$116.3-$4.8 4.1%NA1/19/2022ClosedZogenix,Inc.Biopharmaceutical company.UCB BioSciences,Inc.Drug developer.Tender OfferCash$1,880.2$1,578.5$59.0 3.1%3.7%1/24/2022ClosedResource REIT IncReal estate inves

85、tment trust.Blackstone Real Estate Income Trust IncReal estate investment firm.Going PrivateCash$3,842.8$3,842.8$80.0 2.1%2.1%1/31/2022ClosedCitrix Systems,Inc.Enterprise software company.TIBCO Software Inc.Infrastructure software company.NACash$17,182.1$16,654.9$409.0 2.4%2.5%2/3/2022ClosedSOC Tele

86、med,Inc.Telemedicine company.Patient Square Capital,LPPrivate equity firm.Going PrivateCash$398.7$359.8$11.5 2.9%3.2%2/7/2022CancelledSpirit Airlines,Inc.Airline company.Frontier Group Holdings,Inc.Airline company.NACash&Stock$6,244.7$6,244.7$94.2 1.5%1.5%2/9/2022ClosedUS Ecology,Inc.Environmental s

87、ervices company.Republic Services,Inc.Environmental services company.NACash$2,329.9$2,262.4$46.3 2.0%2.0%2/14/2022ClosedResonant Inc.Radio frequency designer and developer.Murata Electronics North America,Inc.Passive electronic components company.NACash$312.4$304.5$11.2 3.6%3.7%2/14/2022ClosedBioDel

88、ivery Sciences International,Inc.Pharmaceutical company.Collegium Pharmaceutical,Inc.Pharmaceutical company.Tender OfferCash$654.3$540.0$18.1 2.8%3.4%2/14/2022ClosedCornerstone Building Brands,Inc.Engineering and construction company.Clayton,Dubilier&Rice,LLC;CD&R Investment Associates X,Ltd.Private

89、 equity firm.Going PrivateCash$5,026.7$6,158.8$105.0 2.1%1.7%2/15/2022AnnouncedMoneyGram International,Inc.Cross-border payments company.Madison Dearborn Partners,LLCPrivate equity firm.Going PrivateCash$1,886.1$1,730.9$32.8 1.7%1.9%2/16/2022ClosedPreferred Apartment Communities,Inc.Real estate inve

90、stment trust.Blackstone Real Estate Income Trust,Inc.Real estate investment firm.Going PrivateCash$5,386.7$5,356.5$80.0 1.5%1.5%2/22/2022ClosedHoughton Mifflin Harcourt CompanyEducation technology company.Veritas Capital Fund Management,L.L.CPrivate equity firm.Going PrivateCash$3,134.1$2,671.0$65.0

91、 2.1%2.4%2/22/2022ClosedMeritor,Inc.Industrial equipment manufacturer.Cummins Inc.Industrial equipment manufacturer.NACash$3,808.4$3,695.4$73.5 1.9%2.0%2/22/2022AnnouncedTEGNA Inc.Media company.Standard General L.P.Private equity firm.Going PrivateCash$8,563.2$8,768.9$163.0 1.9%1.9%2/23/2022ClosedTe

92、nneco Inc.Industrial equipment manufacturer.Apollo Global Management,Inc.Private equity firm.Going PrivateCash$7,566.9$6,707.9$54.0 0.7%0.8%242022 Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer Name

93、Acquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value2/24/2022AnnouncedSouth Jersey Industries,Inc.Provides energy-related products and services.J.P.

94、Morgan Asset Management,Inc.Asset management division of JP Morgan.NACash$7,874.8$7,846.1$140.0 1.8%1.8%2/28/2022ClosedIntriCon CorporationBody-worn devices company.Altaris Capital Partners,LLCPrivate equity firm.Going PrivateCash$246.3$221.3$4.0 1.6%1.8%2/28/2022ClosedCorporate Property Associates

95、18 Global IncReal estate company.WP Carey IncNet lease REIT.Stock SwapCash&Stock$2,893.5$2,841.2$47.0 1.6%1.7%2/28/2022ClosedRenewable Energy Group,Inc.Provides lower carbon transportation fuels.Chevron CorporationEnergy company.NACash$3,568.1$2,777.8$91.0 2.6%3.3%2/28/2022ClosedHealthcare Trust of

96、America IncReal estate company.Healthcare Realty Trust IncorporatedReal estate investment trust.Stock SwapCash&Stock$4,706.7-$291.0 6.2%NA3/2/2022ClosedCedar Realty Trust,Inc.Commercial real estate investment company.Wheeler Real Estate Investment Trust,Inc.Commercial real estate investment company.

97、NACash$837.7$834.6$5.0 0.6%0.6%3/2/2022ClosedPrudential Bancorp IncFinancial services company.Fulton Financial CorpFinancial holding company,Stock SwapCash&Stock$138.1-$6.0 4.3%NA3/7/2022ClosedWhiting Petroleum CorporationEnergy company.Oasis Petroleum IncEnergy company.NACash&Stock$3,589.5$3,548.3$

98、98.0 2.7%2.8%3/8/2022ClosedThe Torrington Water CompanyPublic water utility.Aquarion Water Company,Inc.Water distribution servicer.Stock SwapStock$92.9$91.3$3.5 3.8%3.8%3/8/2022ClosedMandiant,Inc.Cybersecurity company.Google LLCTechnology enterprise.NACash$7,550.9$5,357.1$197.0 2.6%3.7%3/14/2022Clos

99、edVolt Information Sciences,Inc.Staffing services company.American CyberSystems,Inc.IT consulting company.NACash$231.8$177.0$4.3 1.9%2.4%3/16/2022ClosedSummer Infant,Inc.Juvenile products company.Kids2,Inc.Juvenile products company.NACash$80.9$80.4$2.3 2.9%2.9%3/16/2022ClosedMarrone Bio Innovations,

100、Inc.Biological products provider for the crop industry.Bioceres Crop Solutions Corp.Provides crop productivity solutions.Stock SwapStock$283.7$264.1$9.7 3.4%3.7%3/20/2022ClosedAnaplan,Inc.Cloud-based communications company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$10,384.8$10,080.8$293.1

101、 2.8%2.9%3/21/2022ClosedHuttig Building Products,Inc.Wood products company.Woodgrain Inc.Moulding and millwork company.Tender OfferCash$403.3$400.0$8.8 2.2%2.2%3/24/2022ClosedEmclaire Financial CorpBank holding company.Farmers National Banc CorpFinancial holding company.Stock SwapCash&Stock$104.8-$3

102、.8 3.6%NA3/28/2022ClosedRandolph Bancorp IncBank holding company.Hometown Financial Group IncFinancial services company.NACash$148.3-$5.8 3.9%NA3/28/2022ClosedNeenah,Inc.Specialty materials company.Mativ Holdings,Inc.Performance materials company.Stock SwapStock$1,193.3$1,169.4$24.0 2.0%2.1%3/28/202

103、2ClosedPlantronics,Inc.Integrated communications and collaborations company.HP Inc.Computer and services company.NACash$3,479.3$3,279.6$66.0 1.9%2.0%3/29/2022AnnouncedLHC Group,Inc.Health care provider.OptumHealth,Inc.Health services company.NACash$6,163.4$6,153.6$180.0 2.9%2.9%4/1/2022ClosedManning

104、&Napier IncInvestment firm.Callodine Group LLCAsset manager.NACash$287.4-$8.8 3.1%NA4/5/2022ClosedTivity Health,Inc.Fitness and health company.Stone Point Capital LLCPrivate equity firm.Going PrivateCash$2,058.5$1,939.0$54.4 2.6%2.8%252022 Transaction Termination Fee Detail(cont.)Sources:Refinitiv a

105、nd S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value4/6

106、/2022ClosedTufin Software Technologies LtdSoftware company.Turn/River Capital LPPrivate equity firm.Going PrivateCash$571.1$488.8$17.2 3.0%3.5%4/7/2022ClosedCDK Global,Inc.Technology solutions and servicing company.Brookfield Business Partners L.P.Private equity firm.Tender OfferCash$8,340.7$8,220.4

107、$181.5 2.2%2.2%4/11/2022ClosedDatto Holding Corp.Software company.Kaseya LimitedIT and security management company.NACash$6,219.6$6,028.4$185.7 3.0%3.1%4/11/2022ClosedSailPoint Technologies Holdings,Inc.Identity security company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$7,465.9$7,051.2$2

108、12.5 2.8%3.0%4/13/2022ClosedAntares Pharma,Inc.Pharmaceutical company.Halozyme Therapeutics,Inc.Biopharma technology firm.Tender OfferCash&Stock$1,037.5$975.3$33.0 3.2%3.4%4/13/2022ClosedSierra Oncology,Inc.Biopharmaceutical company.GSK plcPharmaceutical company.NACash$1,930.7$1,656.7$70.0 3.6%4.2%4

109、/14/2022ClosedVidler Water Resources,Inc.Water resource company.D.R.Horton,Inc.Homebuilding company.Tender OfferCash$288.6$263.1$10.9 3.8%4.1%4/14/2022ClosedTwitter,Inc.Social media company.Elon R.MuskIndividual investor.Going PrivateCash$48,061.1$46,173.4$1,000.0 2.1%2.2%4/18/2022ClosedNatus Medica

110、l IncorporatedMedical device company.ArchiMed SASPrivate equity firm.Going PrivateCash$1,206.6$1,122.4$39.5 3.3%3.5%4/19/2022ClosedCheckmate Pharmaceuticals,Inc.Biotechnology company.Regeneron Pharmaceuticals,Inc.Pharmaceutical company.Tender OfferCash$274.7$214.7$8.8 3.2%4.1%4/19/2022ClosedAmerican

111、 Campus Communities,Inc.Real estate investment company.Blackstone Real Estate Advisors;Blackstone Real Estate Income Trust,Inc.Real estate investment firm.NACash$13,433.5$13,344.4$278.0 2.1%2.1%4/25/2022ClosedPS Business Parks,Inc.Real estate investment trust.Blackstone Real Estate AdvisorsReal esta

112、te investment firm.Going PrivateCash$7,642.2$7,538.0$220.0 2.9%2.9%4/29/2022ClosedGTY Technology Holdings Inc.Software company.GI Manager L.P.Private equity firm.Going PrivateCash&Stock$428.5$417.3$12.8 3.0%3.1%5/4/2022AnnouncedBlack Knight,Inc.Software company.Intercontinental Exchange,Inc.Market i

113、nfrastructure,and data services company.NACash&Stock$16,382.9$16,355.3$398.0 2.4%2.4%5/6/2022ClosedWatermark Lodging Trust,Inc.Real estate investment trust.Brookfield CorporationPrivate equity firm.Going PrivateCash$3,845.5$3,663.0$50.0 1.3%1.4%5/9/2022ClosedServiceSource International,Inc.Software

114、company.Concentrix CorporationSoftware company.NACash$201.7$172.1$5.7 2.8%3.3%5/9/2022ClosedHemisphere Media Group IncMedia company.InterMedia Advisors,LLCMedia company.Going PrivateCash$494.0-$10.6 2.1%NA5/10/2022ClosedBiohaven Pharmaceutical Holding Co LtdBiopharmaceutical company.Pfizer IncPharma

115、ceutical company.NACash$12,184.5$11,891.2$450.0 3.7%3.8%5/10/2022ClosedDuke Realty CorpReal estate investment company.Prologis IncLogistics real estate company.NAStock$25,491.7$25,482.5$775.0 3.0%3.0%5/11/2022ClosedTrecora ResourcesPetrochemical and specialty waxes company.Balmoral Funds LLCPrivate

116、equity firm.Going PrivateCash$286.2$254.3$9.4 3.3%3.7%5/11/2022ClosedRedbox Entertainment Inc.Self-service kiosk provider.Chicken Soup for the Soul Entertainment,Inc.Video-on-demand company.NAStock$291.7$281.9$15.0 5.1%5.3%5/11/2022ClosedSwitch,Inc.Colocation services company.IFM Investors Pty Ltd;D

117、igitalBridge Group,Inc.(Parameter Length Limit Exceeded)Going PrivateCash$10,606.6$10,579.1$260.0 2.5%2.5%262022 Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition Te

118、chniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value5/16/2022AnnouncedSpirit Airlines,Inc.Airline company.JetBlue Airways CorporationAirline company.Tender OfferCash$8,754.7$7,400.8$

119、94.2 1.1%1.3%5/16/2022ClosedManTech International CorporationTechnology solutions and servicing company.The Carlyle Group Inc.Private equity firm.Going PrivateCash$4,397.8$4,337.5$115.9 2.6%2.7%5/20/2022ClosedCovetrus,Inc.Animal-health technology and services company.Clayton,Dubilier&Rice,LLC;TPG Ca

120、pital,L.P.;TPG Global,LLCPrivate equity firms.Going PrivateCash$3,558.2$4,182.7$88.3 2.5%2.1%5/24/2022ClosedPCSB Financial CorpBank holding company.Brookline Bancorp IncBank holding company.Stock SwapCash&Stock$323.9-$12.0 3.7%NA5/25/2022ClosedStoneMor Inc.Funeral home and cemetery company.Axar Capi

121、tal Management LPPrivate equity firm.Going PrivateCash$121.3$767.0$4.2 3.5%0.5%5/26/2022ClosedLiberty Bancshares IncBank holding company.Middlefield Banc CorpBank holding company.Stock SwapStock$62.8-$2.7 4.3%NA5/26/2022AnnouncedVMware,Inc.Software company.Broadcom Inc.Semiconductor company.NACash&S

122、tock$72,967.5$69,248.5$1,500.0 2.1%2.2%5/31/2022CancelledTherapeuticsMD,Inc.Womens healthcare company.Essex Woodlands Management,Inc.Private equity firm.Going PrivateCash$305.1$274.7$3.3 1.1%1.2%5/31/2022ClosedCatchMark Timber Trust,Inc.Real estate investment firm.PotlatchDeltic CorporationReal esta

123、te investment firm.Stock SwapStock$937.4$907.0$19.4 2.1%2.1%6/3/2022ClosedTurning Point Therapeutics,Inc.Biopharmaceutical company.Bristol-Myers Squibb CompanyBiopharmaceutical company.Tender OfferCash$3,975.8$3,057.6$138.0 3.5%4.5%6/21/2022ClosedGrandSouth BancorpBank holding company.First BancorpB

124、ank holding company.Stock SwapStock$181.1-$7.2 4.0%NA6/21/2022ClosedU.S.Well Services,Inc.Oilfield service company.ProFrac Holding Corp.Integrated energy company.Stock SwapStock$312.2$271.8$8.0 2.6%2.9%6/22/2022ClosedOcean Bio-Chem,Inc.Outdoor equipment company.OneWater Marine Inc.Recreational boat

125、company.NACash$132.8$122.6$3.4 2.5%2.8%6/23/2022ClosedRadius Health,Inc.Biopharmaceutical company.Gurnet Point Capital Limited;Patient Square Capital,LPPrivate equity firms.Going PrivateCash$893.0$821.4$16.2 1.8%2.0%6/24/2022ClosedUSA Truck,Inc.Logistics company.Schenker,Inc.Logistics company.NACash

126、$473.3$461.3$10.0 2.1%2.2%6/24/2022ClosedZendesk,Inc.Software company.Hellman&Friedman LLC;GIC Private Limited;Abu Dhabi Investment Authority;Permira Advisers LLCPrivate equity firms.Going PrivateCash$10,989.5$9,890.9$254.0 2.3%2.6%6/27/2022ClosedEpizyme,Inc.Biopharmaceutical company.Ipsen Biopharma

127、ceuticals,Inc.Biopharmaceutical company.Tender OfferCash$707.1$507.4$9.9 1.4%2.0%7/5/2022ClosedTyme Technologies IncBiotechnology company.Syros Pharmaceuticals,Inc.Biopharmaceutical company.NAStock$66.5-$2.4 3.7%NA7/7/2022AnnouncedMeridian Bioscience,Inc.Life sciences company.SD Biosensor,Inc;SJL Pa

128、rtnersLife sciences company.NACash$1,564.1$1,480.6$46.0 2.9%3.1%7/11/2022ClosedLa Jolla Pharmaceutical CompanyPharmaceutical company.Innoviva,Inc.Pharmaceutical company.Tender OfferCash$325.8$277.1$7.2 2.2%2.6%7/12/2022ClosedSharps Compliance Corp.Environmental services company.Aurora Capital Partne

129、rsPrivate equity firm.Going PrivateCash$191.9$165.1$7.0 3.6%4.2%7/21/2022ClosedHanger,Inc.Orthotic and prosthetic services company.Patient Square Capital,LPPrivate equity firm.Going PrivateCash$1,397.7$1,373.3$23.0 1.6%1.7%272022 Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Cap

130、ital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value7/21/2022Anno

131、unced1Life Healthcare,Inc.Primary care platform provider.A,Inc.Technology enterprise.NACash$4,355.8$4,008.1$136.0 3.1%3.4%7/25/2022ClosedZymergen Inc.Biotechnology company.Ginkgo Bioworks Holdings,Inc.Biotechnology company.NAStock$486.9$273.3$10.0 2.1%3.7%7/25/2022ClosedInfrastructure and Energy Alt

132、ernatives,Inc.Engineering and construction company.MasTec,Inc.Engineering and construction company.NACash&Stock$1,207.6$1,161.1$27.5 2.3%2.4%7/27/2022ClosedHeritage Southeast Bancorp IncBank holding company.The First Bancshares IncBank holding company.Stock SwapStock$206.7-$8.0 3.9%NA7/28/2022Closed

133、PBF Logistics LPEnergy company.PBF Energy Company LLCEnergy company.NACash&Stock$1,148.2$1,661.0$5.0 0.4%0.3%7/31/2022ClosedRomeo Power,Inc.Renewable energy company.Nikola CorporationRenewable energy company.Tender OfferStock$175.8$137.1$3.5 2.0%2.6%8/1/2022AnnouncedEVO Payments,Inc.Payments company

134、.Global Payments Inc.Payments company.NACash&Stock$3,967.2$3,522.4$100.0 2.5%2.8%8/3/2022ClosedPing Identity Holding Corp.Identity security company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$3,006.6$2,796.3$78.0 2.6%2.8%8/4/2022AnnouncedAtlas Air Worldwide Holdings,Inc.Aviation company.Ap

135、ollo Global Management,Inc.;J.F.Lehman and Company,LLC;Hill City Capital LPPrivate equity firms.Going PrivateCash$5,117.7$4,664.2$97.5 1.9%2.1%8/4/2022ClosedChemoCentryx,Inc.Biopharmaceutical company.Amgen Inc.Pharmaceutical company.NACash$3,972.2$3,643.6$119.3 3.0%3.3%8/5/2022AnnouncediRobot Corpor

136、ationRobotics company.A,Inc.Technology enterprise.NACash$1,829.2$1,765.8$56.0 3.1%3.2%8/8/2022ClosedCyberOptics CorporationTechnology solutions and servicing company.Nordson CorporationAdhesives and coatings company.NACash$402.7$382.0$12.5 3.1%3.3%8/8/2022ClosedGlobal Blood Therapeutics,Inc.Pharmace

137、utical company.Pfizer Inc.Biopharmaceutical company.NACash&Stock$5,881.6$5,364.5$217.0 3.7%4.0%8/8/2022ClosedAvalara,Inc.Tax compliance solutions company.Vista Equity Partners Management,LLCPrivate equity firm.Going PrivateCash$9,831.4$8,367.6$242.3 2.5%2.9%8/9/2022ClosedBBQ Holdings,Inc.Franchising

138、 company.MTY Franchising USA,Inc.Franchising company.Tender OfferCash$325.7$305.1$7.8 2.4%2.6%8/11/2022AnnouncediStar Inc.Real estate company.Safehold Inc.Real estate company.NAStock$3,176.5$1,775.8$63.0 2.0%3.5%8/17/2022ClosedHill International,Inc.Engineering and construction company.Global Infras

139、tructure Solutions Inc.Engineering and construction company.Tender OfferCash$287.8$267.5$8.4 2.9%3.1%8/18/2022ClosedFarmers Bankshares IncFinancial services company.TowneBankFinancial services company.Stock SwapStock$59.4-$2.9 5.0%NA8/20/2022ClosedComputer Services,Inc.Payments company.Centerbridge

140、Partners,L.P.;Bridgeport Partners LLCPrivate equity firms.Going PrivateCash$1,599.3$1,523.3$49.8 3.1%3.3%8/22/2022ClosedAerie Pharmaceuticals,Inc.Pharmaceutical company.Alcon Research,Ltd.Pharmaceutical company.NACash$1,090.8$906.5$27.0 2.5%3.0%9/1/2022ClosedForma Therapeutics Holdings,Inc.Biopharma

141、ceutical company.Novo Nordisk A/SPharmaceutical company.Tender OfferCash$1,060.4$664.5$34.5 3.3%5.2%9/5/2022AnnouncedSignify Health,Inc.Healthcare platform provider.CVS Pharmacy,Inc.Pharmacy company.NACash$8,149.4$7,710.0$228.0 2.8%3.0%282022 Transaction Termination Fee Detail(cont.)Sources:Refiniti

142、v and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value

143、9/6/2022ClosedChannelAdvisor CorporationSoftware company.Commerce Technologies,LLCSoftware company.NACash$732.7$648.5$23.0 3.1%3.5%9/6/2022ClosedBrigham Minerals,Inc.Mineral and royalty interest owner.Sitio Royalties Corp.Mineral and royalty interest owner.NAStock$2,003.1$1,979.0$65.0 3.2%3.3%9/15/2

144、022AnnouncedSTORE Capital CorporationNet lease REIT.GIC Real Estate,Inc.;Oak Street Real Estate Capital,LLCPrivate equity firms.NACash$13,832.6$13,801.7$274.0 2.0%2.0%9/19/2022AnnouncedKnowBe4,Inc.Software company.Vista Equity Partners Management,LLCPrivate equity firm.Going PrivateCash$4,589.8$4,38

145、0.4$138.0 3.0%3.2%9/28/2022ClosedBTRS Holdings Inc.Software company.EQT Partners Inc.Private equity firm.Going PrivateCash$1,689.8$1,541.8$50.2 3.0%3.3%10/3/2022ClosedPoshmark,Inc.Social marketplace company.NAVER CorporationInternet and messaging company.NACash$1,637.1$1,048.3$52.9 3.2%5.0%10/11/202

146、2ClosedSeaSpine Holdings CorporationMedical technology company.Orthofix Medical Inc.Medical device and biologics company.NAStock$328.3$281.6$10.6 3.2%3.8%10/11/2022AnnouncedForgeRock,Inc.Digital identity company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$2,341.5$1,999.0$60.0 2.6%3.0%10/14

147、/2022AnnouncedAlbertsons Companies,Inc.Grocery company.The Kroger Co.Grocery company.NACash$34,010.8$30,600.4$318.0 0.9%1.0%10/17/2022ClosedArchaea Energy Inc.Provides lower carbon transportation fuels.BP Products North America Inc.Energy company.NACash$5,148.4$4,848.1$114.5 2.2%2.4%10/18/2022Closed

148、Akouos,Inc.Pharmaceutical company.Eli Lilly and CompanyPharmaceutical company.Tender OfferCash$624.5$455.1$17.5 2.8%3.9%10/18/2022ClosedAVEO Pharmaceuticals,Inc.Pharmaceutical company.LG Chem,Ltd.Petrochemical company.NACash$603.7$526.3$20.4 3.4%3.9%10/24/2022ClosedApplied Genetic Technologies Corpo

149、rationBiotechnology company.Syncona Limited;Syncona Investment Management LimitedPrivate equity firm.Tender OfferCash$93.5$59.2$1.5 1.6%2.5%10/24/2022AnnouncedWeber Inc.Outdoor cooking company.BDT Capital Partners,LLCPrivate equity firm.Going PrivateCash$2,172.1$2,993.0$5.5 0.3%0.2%10/27/2022ClosedU

150、serTesting,Inc.Enterprise software company.Thoma Bravo,L.P.;Sunstone Partners Management,LLCPrivate equity firms.Going PrivateCash$1,281.0$1,116.4$33.9 2.6%3.0%10/27/2022AnnouncedAltra Industrial Motion Corp.Industrial equipment manufacturer.Regal Rexnord CorporationIndustrial equipment manufacturer

151、.NACash$5,184.7$4,986.5$100.0 1.9%2.0%11/1/2022ClosedBenefitfocus,Inc.Benefits management company.Voya Financial,Inc.Retirement,investment,and employee benefits company.NACash&Stock$570.0$570.0$14.0 2.5%2.5%11/1/2022ClosedAbiomed,Inc.Medical device company.Johnson&JohnsonHealthcare and consumer reta

152、il company.Tender OfferCash$18,977.0$18,156.6$550.0 2.9%3.0%11/7/2022ClosedOyster Point Pharma,Inc.Biopharmaceutical company.Viatris Inc.Healthcare company.NACash$473.5$404.7$11.9 2.5%2.9%11/7/2022AnnouncedIAA,Inc.Vehicle marketplace company.Ritchie Bros.Holdings IncVehicle marketplace company.NACas

153、h&Stock$8,291.0$8,145.1$189.0 2.3%2.3%11/14/2022AnnouncedOpiant Pharmaceuticals,Inc.Pharmaceutical company.Indivior PLCPharmaceutical company.NACash$203.5$168.1$4.7 2.3%2.8%11/21/2022ClosedImago BioSciences,Inc.Biopharmaceutical company.Merck Sharp&Dohme Corp.Pharmaceutical company.Tender OfferCash$

154、1,347.7$1,169.3$47.1 3.5%4.0%292022 Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)

155、Target Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value11/29/2022AnnouncedApollo Endosurgery,Inc.Medical equipment company.Boston Scientific CorporationMedical equipment company.NACash$699.2$632.3$19.0 2.7%3.0%12/6/2022AnnouncedVivint Smart Home,Inc.Smart home a

156、nd security systems company.NRG Energy,Inc.Integrated energy company.NACash$5,540.3$5,234.9$93.6 1.7%1.8%12/12/2022AnnouncedCoupa Software IncorporatedSpend management software company.Abu Dhabi Investment Authority;Thoma Bravo,L.P.Sovereign wealth fund and private equity firm.Going PrivateCash$9,05

157、3.7$8,193.6$200.0 2.2%2.4%12/16/2022AnnouncedMaxar Technologies Inc.Earth intelligence company and space equipment manufacturer.Advent International Corporation;British Columbia Investment Management CorporationPrivate equity firms.Going PrivateCash$6,570.0$6,542.0$124.5 1.9%1.9%302022 Reverse Trans

158、action Termination Fee Detail2022 Reverse Transaction Termination Fee DetailSources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)A

159、cquirer Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value1/10/2022ClosedZynga Inc.Mobile games developer.Take-Two Interactive Software,Inc.Video game developer.Stock SwapCash&Stock$13,867.1$12,714.1$550.0 4.0%4.3%1/18/2022AnnouncedActivision Blizzard,IncVideo gam

160、e developer.Microsoft CorporationTechnology enterprise.NACash$79,590.1$68,987.1$3,000.0 3.8%4.3%1/24/2022ClosedResource REIT IncReal estate investment trust.Blackstone Real Estate Income Trust IncReal estate investment firm.Going PrivateCash$3,842.8$3,842.8$258.0 6.7%6.7%1/31/2022ClosedCitrix System

161、s,Inc.Enterprise software company.TIBCO Software Inc.Infrastructure software company.NACash$17,182.1$16,654.9$818.0 4.8%4.9%2/7/2022CancelledSpirit Airlines,Inc.Airline company.Frontier Group Holdings,Inc.Airline company.NACash&Stock$6,244.7$6,244.7$250.0 4.0%4.0%2/14/2022ClosedBioDelivery Sciences

162、International,Inc.Pharmaceutical company.Collegium Pharmaceutical,Inc.Pharmaceutical company.Tender OfferCash$654.3$540.0$12.1 1.8%2.2%2/14/2022ClosedResonant Inc.Radio frequency designer and developer.Murata Electronics North America,Inc.Passive electronic components company.NACash$312.4$304.5$15.0

163、 4.8%4.9%2/14/2022ClosedCornerstone Building Brands,Inc.Engineering and construction company.Clayton,Dubilier&Rice,LLC;CD&R Investment Associates X,Ltd.Private equity firm.Going PrivateCash$5,026.7$6,158.8$210.0 4.2%3.4%2/15/2022AnnouncedMoneyGram International,IncCross-border payments company.Madis

164、on Dearborn Partners,LLCPrivate equity firm.Going PrivateCash$1,886.1$1,730.9$65.5 3.5%3.8%2/16/2022ClosedPreferred Apartment Communities,Inc.Real estate investment trust.Blackstone Real Estate Income Trust,Inc.Real estate investment firm.Going PrivateCash$5,386.7$5,356.5$300.0 5.6%5.6%2/22/2022Clos

165、edHoughton Mifflin Harcourt CompanyEducation technology company.Veritas Capital Fund Management,L.L.CPrivate equity firm.Going PrivateCash$3,134.1$2,671.0$130.0 4.1%4.9%2/22/2022ClosedMeritor,Inc.Industrial equipment manufacturer.Cummins Inc.Industrial equipment manufacturer.NACash$3,808.4$3,695.4$1

166、60.0 4.2%4.3%2/22/2022AnnouncedTEGNA IncMedia company.Standard General L.P.Private equity firm.Going PrivateCash$8,563.2$8,768.9$272.0 3.2%3.1%2/23/2022ClosedTenneco Inc.Industrial equipment manufacturer.Apollo Global Management,Inc.Private equity firm.Going PrivateCash$7,566.9$6,707.9$108.0 1.4%1.6

167、%2/24/2022AnnouncedSouth Jersey Industries,IncProvides energy-related products and services.J.P.Morgan Asset Management,Inc.Asset management division of JP Morgan.NACash$7,874.8$7,846.1$255.0 3.2%3.3%2/28/2022ClosedIntriCon CorporationBody-worn devices company.Altaris Capital Partners,LLCPrivate equ

168、ity firm.Going PrivateCash$246.3$221.3$6.0 2.4%2.7%2/28/2022ClosedHealthcare Trust of America IncReal estate company.Healthcare Realty Trust IncorporatedReal estate investment trust.Stock SwapCash&Stock$4,706.7-$163.0 3.5%NA3/7/2022ClosedWhiting Petroleum CorporationEnergy company.Oasis Petroleum In

169、cEnergy company.NACash&Stock$3,589.5$3,548.3$98.0 2.7%2.8%3/8/2022ClosedThe Torrington Water CompanyPublic water utility.Aquarion Water Company,Inc.Water distribution servicer.Stock SwapStock$92.9$91.3$1.0 1.1%1.1%3/8/2022ClosedMandiant,Inc.Cybersecurity company.Google LLCTechnology enterprise.NACas

170、h$7,550.9$5,357.1$460.0 6.1%8.6%3/20/2022ClosedAnaplan,Inc.Cloud-based communications company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$10,384.8$10,080.8$1,000.0 9.6%9.9%3/28/2022ClosedNeenah,Inc.Specialty materials company.Mativ Holdings,Inc.Performance materials company.Stock SwapStock

171、$1,193.3$1,169.4$24.0 2.0%2.1%322022 Reverse Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise

172、Value($M)Acquirer Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value4/1/2022ClosedManning&Napier IncInvestment firm.Callodine Group LLCAsset manager.NACash$287.4-$15.1 5.2%NA4/5/2022ClosedTivity Health,Inc.Fitness and health company.Stone Point Capital LLCPrivate

173、equity firm.Going PrivateCash$2,058.5$1,939.0$100.4 4.9%5.2%4/5/2022CancelledSpirit Airlines,Inc.Airline company.JetBlue Airways CorporationAirline company.NACash$8,708.0$7,354.0$200.0 2.3%2.7%4/6/2022ClosedTufin Software Technologies LtdSoftware company.Turn/River Capital LPPrivate equity firm.Goin

174、g PrivateCash$571.1$488.8$34.4 6.0%7.0%4/7/2022ClosedCDK Global,Inc.Technology solutions and servicing company.Brookfield Business Partners L.P.Private equity firm.Tender OfferCash$8,340.7$8,220.4$594.0 7.1%7.2%4/11/2022ClosedDatto Holding Corp.Software company.Kaseya LimitedIT and security manageme

175、nt company.NACash$6,219.6$6,028.4$371.3 6.0%6.2%4/11/2022ClosedSailPoint Technologies Holdings,Inc.Identity security company.Thoma Bravo,L.P.Private equity firm.Going PrivateCash$7,465.9$7,051.2$425.1 5.7%6.0%4/14/2022ClosedTwitter,Inc.Social media company.Elon R.MuskIndividual investor.Going Privat

176、eCash$48,061.1$46,173.4$1,000.0 2.1%2.2%4/18/2022ClosedNatus Medical IncorporatedMedical device company.ArchiMed SASPrivate equity firm.Going PrivateCash$1,206.6$1,122.4$79.0 6.5%7.0%4/19/2022ClosedAmerican Campus Communities,Inc.Real estate investment company.Blackstone Real Estate Advisors;Blackst

177、one Real Estate Income Trust,Inc.Real estate investment firm.NACash$13,433.5$13,344.4$832.0 6.2%6.2%4/25/2022ClosedPS Business Parks,Inc.Real estate investment trust.Blackstone Real Estate AdvisorsReal estate investment firm.Going PrivateCash$7,642.2$7,538.0$735.0 9.6%9.8%4/29/2022ClosedGTY Technolo

178、gy Holdings Inc.Software company.GI Manager L.P.Private equity firm.Going PrivateCash&Stock$428.5$417.3$29.8 6.9%7.1%5/2/2022CancelledHealthcare Realty Trust IncorporatedReal estate investment company.Welltower Inc.Real estate investment company.NACash$6,882.4$6,859.7$163.0 2.4%2.4%5/4/2022Announced

179、Black Knight,Inc.Software company.Intercontinental Exchange,Inc.Market infrastructure,and data services company.NACash&Stock$16,382.9$16,355.3$725.0 4.4%4.4%5/6/2022ClosedWatermark Lodging Trust,Inc.Real estate investment trust.Brookfield CorporationPrivate equity firm.Going PrivateCash$3,845.5$3,66

180、3.0$150.0 3.9%4.1%5/9/2022ClosedHemisphere Media Group IncMedia company.InterMedia Advisors,LLCMedia company.Going PrivateCash$494.0-$15.6 3.2%NA5/10/2022ClosedDuke Realty CorpReal estate investment company.Prologis IncLogistics real estate company.NAStock$25,491.7$25,482.5$1,500.0 5.9%5.9%5/11/2022

181、ClosedTrecora ResourcesPetrochemical and specialty waxes company.Balmoral Funds LLCPrivate equity firm.Going PrivateCash$286.2$254.3$10.7 3.7%4.2%5/11/2022ClosedSwitch,Inc.Colocation services company.IFM Investors Pty Ltd;DigitalBridge Group,Inc.(Parameter Length Limit Exceeded)Going PrivateCash$10,

182、606.6$10,579.1$693.0 6.5%6.6%5/16/2022ClosedManTech International CorporationTechnology solutions and servicing company.The Carlyle Group Inc.Private equity firm.Going PrivateCash$4,397.8$4,337.5$239.7 5.5%5.5%5/16/2022AnnouncedSpirit Airlines,Inc.Airline company.JetBlue Airways CorporationAirline c

183、ompany.Tender OfferCash$8,754.7$7,400.8$400.0 4.6%5.4%5/20/2022ClosedCovetrus,Inc.Animal-health technology and services company.Clayton,Dubilier&Rice,LLC;TPG Capital,L.P.;TPG Global,LLCPrivate equity firms.Going PrivateCash$3,558.2$4,182.7$198.0 5.6%4.7%332022 Reverse Transaction Termination Fee Det

184、ail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction Value($M)Implied Enterprise Value($M)Acquirer Termination Fee($M)Term Fee as a%of Transaction ValueTerm

185、Fee as a%of Enterprise Value5/26/2022AnnouncedVMware,Inc.Software company.Broadcom Inc.Semiconductor company.NACash&Stock$72,967.5$69,248.5$1,500.0 2.1%2.2%5/31/2022CancelledTherapeuticsMD,Inc.Womens healthcare company.Essex Woodlands Management,Inc.Private equity firm.Going PrivateCash$305.1$274.7$

186、5.1 1.7%1.9%6/3/2022ClosedTurning Point Therapeutics,Inc.Biopharmaceutical company.Bristol-Myers Squibb CompanyBiopharmaceutical company.Tender OfferCash$3,975.8$3,057.6$138.0 3.5%4.5%6/22/2022ClosedOcean Bio-Chem,Inc.Outdoor equipment company.OneWater Marine Inc.Recreational boat company.NACash$132

187、.8$122.6$5.0 3.8%4.1%6/23/2022ClosedRadius Health,Inc.Biopharmaceutical company.Gurnet Point Capital Limited;Patient Square Capital,LPPrivate equity firms.Going PrivateCash$893.0$821.4$22.6 2.5%2.8%6/24/2022ClosedZendesk,Inc.Software company.Hellman&Friedman LLC;GIC Private Limited;Abu Dhabi Investm

188、ent Authority;Permira Advisers LLCPrivate equity firms.Going PrivateCash$10,989.5$9,890.9$610.0 5.6%6.2%7/5/2022ClosedTyme Technologies IncBiotechnology company.Syros Pharmaceuticals,Inc.Biopharmaceutical company.NAStock$66.5-$2.1 3.1%NA7/12/2022ClosedSharps Compliance Corp.Environmental services co

189、mpany.Aurora Capital PartnersPrivate equity firm.Going PrivateCash$191.9$165.1$7.9 4.1%4.8%7/21/2022ClosedHanger,Inc.Orthotic and prosthetic services company.Patient Square Capital,LPPrivate equity firm.Going PrivateCash$1,397.7$1,373.3$45.0 3.2%3.3%7/21/2022Announced1Life Healthcare,Inc.Primary car

190、e platform provider.A,Inc.Technology enterprise.NACash$4,355.8$4,008.1$195.0 4.5%4.9%7/25/2022ClosedZymergen Inc.Biotechnology company.Ginkgo Bioworks Holdings,Inc.Biotechnology company.NAStock$486.9$273.3$10.0 2.1%3.7%7/31/2022ClosedRomeo Power,Inc.Renewable energy company.Nikola CorporationRenewab

191、le energy company.Tender OfferStock$175.8$137.1$3.0 1.7%2.2%8/4/2022AnnouncedAtlas Air Worldwide Holdings,Inc.Aviation company.Apollo Global Management,Inc.;J.F.Lehman and Company,LLC;Hill City Capital LPPrivate equity firms.Going PrivateCash$5,117.7$4,664.2$227.4 4.4%4.9%8/5/2022AnnouncediRobot Cor

192、porationRobotics company.A,Inc.Technology enterprise.NACash$1,829.2$1,765.8$94.0 5.1%5.3%8/8/2022ClosedGlobal Blood Therapeutics,Inc.Pharmaceutical company.Pfizer Inc.Biopharmaceutical company.NACash&Stock$5,881.6$5,364.5$326.0 5.5%6.1%8/8/2022ClosedAvalara,Inc.Tax compliance solutions company.Vista

193、 Equity Partners Management,LLCPrivate equity firm.Going PrivateCash$9,831.4$8,367.6$484.7 4.9%5.8%8/11/2022AnnouncediStar Inc.Real estate company.Safehold Inc.Real estate company.NAStock$3,176.5$1,775.8$63.0 2.0%3.5%8/20/2022ClosedComputer Services,Inc.Payments company.Centerbridge Partners,L.P.;Br

194、idgeport Partners LLCPrivate equity firms.Going PrivateCash$1,599.3$1,523.3$99.7 6.2%6.5%8/22/2022ClosedAerie Pharmaceuticals,Inc.Pharmaceutical company.Alcon Research,Ltd.Pharmaceutical company.NACash$1,090.8$906.5$65.0 6.0%7.2%9/5/2022AnnouncedSignify Health,Inc.Healthcare platform provider.CVS Ph

195、armacy,Inc.Pharmacy company.NACash$8,149.4$7,710.0$380.0 4.7%4.9%9/6/2022ClosedChannelAdvisor CorporationSoftware company.Commerce Technologies,LLCSoftware company.NACash$732.7$648.5$62.0 8.5%9.6%9/6/2022ClosedBrigham Minerals,Inc.Mineral and royalty interest owner.Sitio Royalties Corp.Mineral and r

196、oyalty interest owner.NAStock$2,003.1$1,979.0$75.0 3.7%3.8%342022 Reverse Transaction Termination Fee Detail(cont.)Sources:Refinitiv and S&P Capital IQ.Date Announced Transaction StatusTarget NameTarget DescriptionAcquirer NameAcquirer DescriptionAcquisition TechniqueConsideration OfferedTransaction

197、 Value($M)Implied Enterprise Value($M)Acquirer Termination Fee($M)Term Fee as a%of Transaction ValueTerm Fee as a%of Enterprise Value9/15/2022AnnouncedSTORE Capital CorporationNet lease REIT.GIC Real Estate,Inc.;Oak Street Real Estate Capital,LLCPrivate equity firms.NACash$13,832.6$13,801.7$503.0 3.

198、6%3.6%9/19/2022AnnouncedKnowBe4,Inc.Software company.Vista Equity Partners Management,LLCPrivate equity firm.Going PrivateCash$4,589.8$4,380.4$276.0 6.0%6.3%9/28/2022ClosedBTRS Holdings Inc.Software company.EQT Partners Inc.Private equity firm.Going PrivateCash$1,689.8$1,541.8$100.5 5.9%6.5%10/11/20

199、22ClosedSeaSpine Holdings CorporationMedical technology company.Orthofix Medical Inc.Medical device and biologics company.NAStock$328.3$281.6$13.7 4.2%4.9%10/14/2022AnnouncedAlbertsons Companies,Inc.Grocery company.The Kroger Co.Grocery company.NACash$34,010.8$30,600.4$600.0 1.8%2.0%10/17/2022Closed

200、Archaea Energy Inc.Provides lower carbon transportation fuels.BP Products North America Inc.Energy company.NACash$5,148.4$4,848.1$327.2 6.4%6.7%10/27/2022ClosedUserTesting,Inc.Enterprise software company.Thoma Bravo,L.P.;Sunstone Partners Management,LLCPrivate equity firms.Going PrivateCash$1,281.0$

201、1,116.4$67.8 5.3%6.1%10/27/2022AnnouncedAltra Industrial Motion Corp.Industrial equipment manufacturer.Regal Rexnord CorporationIndustrial equipment manufacturer.NACash$5,184.7$4,986.5$200.0 3.9%4.0%11/7/2022AnnouncedIAA,Inc.Vehicle marketplace company.Ritchie Bros.Holdings IncVehicle marketplace co

202、mpany.NACash&Stock$8,291.0$8,145.1$189.0 2.3%2.3%11/29/2022AnnouncedApollo Endosurgery,Inc.Medical equipment company.Boston Scientific CorporationMedical equipment company.NACash$699.2$632.3$50.0 7.2%7.9%12/12/2022AnnouncedCoupa Software IncorporatedSoftware company.Abu Dhabi Investment Authority;Th

203、oma Bravo,L.P.Sovereign wealth fund and private equity firm.Going PrivateCash$9,053.7$8,193.6$435.0 4.8%5.3%12/16/2022AnnouncedMaxar Technologies Inc.Earth intelligence company and space equipment manufacturer.Advent International Corporation;British Columbia Investment Management CorporationPrivate

204、 equity firms.Going PrivateCash$6,570.0$6,542.0$249.0 3.8%3.8%12/18/2022AnnouncedAerojet Rocketdyne Holdings,Inc.Aerospace company.L3Harris Technologies,Inc.Aerospace company.NACash$5,127.5$4,783.8$406.3 7.9%8.5%12/21/2022AnnouncedIsoPlexis CorporationBiotechnology company.Berkeley Lights,Inc.Biotec

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