M&A · Industrials · Paper Mills
Schweitzer-Mauduit International, Inc. to acquire Neenah Inc
Announced Mar 28, 2022 · Closed Jul 6, 2022
Deal value$689MEV $1.11B
Premium—To unaffected price
EV / Adj. EBITDA15.8x1.1x EV / Revenue
ConsiderationAll stock$41.05 per share
Transaction
- Acquirer
- Schweitzer-Mauduit International, Inc. (SWM)
- Target
- Neenah Inc (NP)
- Buyer type
- Strategic
- Offer price per share
- $41.05
- Enterprise value
- $1.11B
- Status
- Closed Jul 6, 2022
Deal protections
- Break fee (target pays)
- $24.0M · 3.5%
- Reverse fee (buyer pays)
- $24.0M · 3.5%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- JPMorgan
- To the target
- Perella Weinberg
- JPMorgan fee
- $8.0M
Sector context · Industrials
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 47.0%
- EV / Adj. EBITDA
- 15.8x vs. 10.7x sector median
- Break fee
- 3.5% vs. 2.7% sector median
Timeline
- AnnouncedMar 28, 2022
- Proxy filedMay 23, 2022
- Definitive proxyMay 23, 2022
- Shareholder voteJun 29, 2022
- ClosedJul 6, 2022
Valuation · fairness opinions
Trading comparables$21.60$33.80
Trading comparables$16.20$29.00
Discounted cash flow$37.10$53.80
Analyst price targets$34.60$47.30
Analyst price targets$33.50$48.00
Offer $41.05
Implied value per Neenah Inc share by analysis, from JPMorgan · DCF discount rate 8.25%–9.25%.