M&A · Industrials · Special Industry Machinery, NEC
Tadano Ltd. to acquire Manitex International, Inc.
Announced Sep 12, 2024 · Closed Jan 2, 2025
Deal value$122MEV $203M
Premium52.2%To unaffected price
EV / Adj. EBITDA6.2x0.7x EV / Revenue
ConsiderationAll cash$5.80 per share
Transaction
- Acquirer
- Tadano Ltd.
- Target
- Manitex International, Inc. (MNTX)
- Buyer type
- Strategic
- Offer price per share
- $5.80
- Enterprise value
- $203M
- Status
- Closed Jan 2, 2025
Deal protections
- Break fee (target pays)
- $4.9M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Perella Weinberg
- To the target
- Brown Gibbons Lang
- Brown Gibbons Lang fee
- $3.1M
Sector context · Industrials
- Comparable deals
- 86 in the prior 24 months
- Premium
- 52.2% vs. 34.0% sector median
- EV / Adj. EBITDA
- 6.2x vs. 9.9x sector median
- Break fee
- 4.0% vs. 2.8% sector median
Timeline
- AnnouncedSep 12, 2024
- Proxy filedOct 1, 2024
- Definitive proxyNov 20, 2024
- Shareholder voteDec 20, 2024
- ClosedJan 2, 2025
Valuation · fairness opinions
Trading comparables$3.70$4.05
Trading comparables$4.64$5.03
Precedent transactions$4.92$5.32
Precedent transactions$4.54$5.13
Premiums paid$4.89$5.07
Offer $5.80
Implied value per Manitex International, Inc. share by analysis, from Brown Gibbons Lang · DCF discount rate 15.7%–16.1%.