M&A · Industrials · Retail-Miscellaneous Shopping Goods Stores
Genesis Holdings, Inc. to acquire Hibbett Inc
Announced Apr 23, 2024 · Closed Jul 25, 2024
Deal value$1.03B
Premium21.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$87.50 per share
Transaction
- Acquirer
- Genesis Holdings, Inc.
- Target
- Hibbett Inc
- Buyer type
- Strategic
- Offer price per share
- $87.50
- Enterprise value
- —
- Status
- Closed Jul 25, 2024
Deal protections
- Break fee (target pays)
- $35.2M · 3.4%
- Reverse fee (buyer pays)
- $53.5M · 5.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Solomon Partners
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 21.0% vs. 41.0% sector median
- EV / Adj. EBITDA
- Sector median 11.5x
- Break fee
- 3.4% vs. 2.8% sector median
Timeline
- AnnouncedApr 23, 2024
- Proxy filedMay 30, 2024
- Definitive proxyJun 13, 2024
- Shareholder voteJul 19, 2024
- ClosedJul 25, 2024
Valuation · fairness opinions
Trading comparables$63.20$98.42
Trading comparables$64.55$101.25
Precedent transactions$71.57$97.06
Trading comparables$76.66$126.33
Discounted cash flow$58.45$99.10
Offer $87.50
Implied value per Hibbett Inc share by analysis, from Solomon Partners · DCF discount rate 14.5%–17.5%.