M&A · Tech · Semiconductors & Related Devices
Samsung Display Co., Ltd. to acquire eMagin Corp
Announced May 17, 2023 · Closed Oct 18, 2023
Deal value$218MEV $169M
Premium10.0%To unaffected price
EV / Adj. EBITDA—5.7x EV / Revenue
ConsiderationAll cash$2.08 per share
Transaction
- Acquirer
- Samsung Display Co., Ltd.
- Target
- eMagin Corp
- Buyer type
- Strategic
- Offer price per share
- $2.08
- Enterprise value
- $169M
- Status
- Closed Oct 18, 2023
Deal protections
- Break fee (target pays)
- $9.0M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- Nomura
Sector context · Tech
- Comparable deals
- 60 in the prior 24 months
- Premium
- 10.0% vs. 40.5% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 4.1% vs. 3.0% sector median
Timeline
- AnnouncedMay 17, 2023
- Proxy filedJun 20, 2023
- Definitive proxyJul 20, 2023
- Shareholder voteAug 31, 2023
- ClosedOct 18, 2023
Valuation · fairness opinions
Precedent transactions$0.69$1.08
Trading comparables$0.48$0.78
Trading comparables$0.52$0.84
Trading comparables$0.42$0.65
Discounted cash flow$1.87$3.24
Offer $2.08
Implied value per eMagin Corp share by analysis, from Nomura · DCF discount rate 11.7%–13.7%.