M&A · Energy · Chemicals & Allied Products
Standard Industries Holdings Inc. to acquire W R Grace & Co
Announced Apr 26, 2021 · Closed Sep 22, 2021
Deal value$7.00BEV $6.32B
Premium59.0%To unaffected price
EV / Adj. EBITDA—3.7x EV / Revenue
ConsiderationAll cash$70.00 per share
Transaction
- Acquirer
- Standard Industries Holdings Inc.
- Target
- W R Grace & Co
- Buyer type
- Strategic
- Offer price per share
- $70.00
- Enterprise value
- $6.32B
- Status
- Closed Sep 22, 2021
Deal protections
- Break fee (target pays)
- $141M · 2.0%
- Reverse fee (buyer pays)
- $281M · 4.0%
- Go-shop
- No-shop
- Financing
- Committed · BNP Paribas, Citigroup, Deutsche Bank, JPMorgan
Advisors
- To the acquirer
- Citigroup, JPMorgan
- To the target
- Goldman Sachs, Moelis
Sector context · Energy
- Comparable deals
- 9 in the prior 24 months
- Premium
- 59.0% vs. 41.5% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- 2.0% vs. 2.6% sector median
Timeline
- AnnouncedApr 26, 2021
- Proxy filedMay 24, 2021
- Definitive proxyAug 10, 2021
- Shareholder voteSep 17, 2021
- ClosedSep 22, 2021
Valuation · fairness opinions
Other analysisGoldman Sachs$69.20$89.70
Other analysisGoldman Sachs$61.62$82.21
Future share priceGoldman Sachs$58.17$87.08
Precedent transactionsGoldman Sachs$48.66$114.22
Premiums paidGoldman Sachs$53.21$62.29
Trading comparablesMoelis$60.34$78.13
Trading comparablesMoelis$65.72$86.43
Precedent transactionsMoelis$64.81$82.55
Precedent transactionsMoelis$72.95$92.11
Discounted cash flowMoelis$66.69$83.39
Offer $70.00
Implied value per W R Grace & Co share by analysis, from Goldman Sachs and Moelis · DCF discount rate 8%–9%.