M&A · Industrials · Services-Advertising
CB Neptune Holdings, LLC to acquire Quotient Technology Inc.
Announced Jun 20, 2023 · Closed Sep 5, 2023
Deal value$393MEV $399M
Premium19.0%To unaffected price
EV / Adj. EBITDA—1.5x EV / Revenue
ConsiderationAll cash$4.00 per share
Transaction
- Acquirer
- CB Neptune Holdings, LLC
- Target
- Quotient Technology Inc.
- Buyer type
- Strategic
- Offer price per share
- $4.00
- Enterprise value
- $399M
- Status
- Closed Sep 5, 2023
Deal protections
- Break fee (target pays)
- $13.6M · 3.5%
- Reverse fee (buyer pays)
- $29.4M · 7.5%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
- Houlihan Lokey fee
- $10.7M
Sector context · Industrials
- Comparable deals
- 75 in the prior 24 months
- Premium
- 19.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- 3.5% vs. 2.8% sector median
Timeline
- AnnouncedJun 20, 2023
- Proxy filedJul 14, 2023
- Definitive proxyJul 31, 2023
- Shareholder voteSep 1, 2023
- ClosedSep 5, 2023
Valuation · fairness opinions
Trading comparables$3.34$4.05
Trading comparables$3.27$4.12
Trading comparables$3.65$4.92
Offer $4.00
Implied value per Quotient Technology Inc. share by analysis, from Houlihan Lokey · DCF discount rate 14%–16%.