M&A · Financials · Security & Commodity Brokers, Dealers, Exchanges & Services
B. Riley Financial, Inc. to acquire National Holdings Corp
Announced Jan 11, 2021 · Closed Feb 25, 2021
Deal value$44M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$3.25 per share
Transaction
- Acquirer
- B. Riley Financial, Inc. (RILY)
- Target
- National Holdings Corp (NHLD)
- Buyer type
- Strategic
- Offer price per share
- $3.25
- Enterprise value
- —
- Status
- Closed Feb 25, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 7 in the prior 24 months
- Premium
- Sector median 49.0%
- EV / Adj. EBITDA
- —
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJan 11, 2021
- Tender offerJan 11, 2021
- ClosedFeb 25, 2021
Valuation · fairness opinions
Trading comparables$1.04$1.70
Trading comparables$1.57$2.24
Discounted cash flow$1.03$2.12
Discounted cash flow$1.56$2.65
Offer $3.25
Implied value per National Holdings Corp share by analysis, from Stifel · DCF discount rate 19.2%–23.2%.