M&A · Healthcare · In Vitro & In Vivo Diagnostic Substances
Mars, Incorporated to acquire Heska Corp
Announced Apr 3, 2023 · Closed Jun 13, 2023
Deal value$1.31BEV $1.23B
Premium23.0%To unaffected price
EV / Adj. EBITDA—4.8x EV / Revenue
ConsiderationAll cash$120.00 per share
Transaction
- Acquirer
- Mars, Incorporated
- Target
- Heska Corp (HSKA)
- Buyer type
- Strategic
- Offer price per share
- $120.00
- Enterprise value
- $1.23B
- Status
- Closed Jun 13, 2023
Deal protections
- Break fee (target pays)
- $45.0M · 3.4%
- Reverse fee (buyer pays)
- $60.0M · 4.6%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Lazard
- To the target
- BofA Securities, Piper Sandler
- BofA Securities fee
- $9.0M
- Piper Sandler fee
- $9.0M
Sector context · Healthcare
- Comparable deals
- 77 in the prior 24 months
- Premium
- 23.0% vs. 47.6% sector median
- EV / Adj. EBITDA
- Sector median 21.1x
- Break fee
- 3.4% vs. 3.5% sector median
Timeline
- AnnouncedApr 3, 2023
- Proxy filedApr 28, 2023
- Definitive proxyMay 8, 2023
- Shareholder voteJun 7, 2023
- ClosedJun 13, 2023
Valuation · fairness opinions
Trading comparablesBofA Securities$58.80$126.00
Trading comparablesBofA Securities$64.25$130.40
Trading comparablesBofA Securities$59.15$101.60
Trading comparablesBofA Securities$80.90$122.05
Precedent transactionsBofA Securities$47.95$77.05
Discounted cash flowPiper Sandler$75.50$109.44
52-week trading rangePiper Sandler$60.21$147.57
Offer $120.00
Implied value per Heska Corp share by analysis, from BofA Securities and Piper Sandler · DCF discount rate 8%–10%.