M&A · Financials · Real Estate Investment Trusts
Office Properties Income Trust to acquire Diversified Healthcare Trust
Announced Apr 11, 2023 · Terminated Sep 1, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Office Properties Income Trust (OPI)
- Target
- Diversified Healthcare Trust (DHC)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Terminated Sep 1, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- BofA Securities fee
- $15.0M
Sector context · Financials
- Comparable deals
- 85 in the prior 24 months
- Premium
- Sector median 29.4%
- EV / Adj. EBITDA
- Sector median 22.7x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedApr 11, 2023
- Proxy filedJul 21, 2023
- Definitive proxyJul 21, 2023
- Shareholder vote—
- TerminatedSep 1, 2023
Valuation · fairness opinions
Trading comparables$0.33$2.14
Precedent transactions$2.14$3.95
Discounted cash flow$0.73$4.60
Analyst price targets$1.00$5.00
Analyst price targets$0.89$4.45
Implied value per Diversified Healthcare Trust share by analysis, from BofA Securities · DCF discount rate 11.6%–13.2%.