M&A · Tech · Semiconductors & Related Devices
Murata Manufacturing Co Ltd to acquire Resonant Inc
Announced Feb 14, 2022 · Closed Mar 28, 2022
Deal value$296MEV $280M
Premium263.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$4.50 per share
Transaction
- Acquirer
- Murata Manufacturing Co Ltd
- Target
- Resonant Inc
- Buyer type
- Strategic
- Offer price per share
- $4.50
- Enterprise value
- $280M
- Status
- Closed Mar 28, 2022
Deal protections
- Break fee (target pays)
- $11.2M · 3.8%
- Reverse fee (buyer pays)
- $15.0M · 5.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Mizuho
- To the target
- Centerview, Stifel
- Centerview fee
- $9.6M
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 263.0% vs. 30.4% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 3.8% vs. 3.0% sector median
Timeline
- AnnouncedFeb 14, 2022
- Tender offerFeb 28, 2022
- ClosedMar 28, 2022
Valuation · fairness opinions
Trading comparables$1.32$2.04
Trading comparables$1.58$2.47
Discounted cash flow$0.79$1.19
Discounted cash flow$3.81$4.82
Analyst price targets$5.00$6.25
Offer $4.50
Implied value per Resonant Inc share by analysis, from Centerview · DCF discount rate 14.5%–16%.