M&A · Industrials · Retail-Eating Places
Jack in the Box Inc to acquire Del Taco Restaurants, Inc.
Announced Dec 6, 2021 · Closed Mar 8, 2022
Deal value$575MEV $557M
Premium66.0%To unaffected price
EV / Adj. EBITDA9.2x1.1x EV / Revenue
ConsiderationAll cash$12.51 per share
Transaction
- Acquirer
- Jack in the Box Inc (JACK)
- Target
- Del Taco Restaurants, Inc. (TACO)
- Buyer type
- Strategic
- Offer price per share
- $12.51
- Enterprise value
- $557M
- Status
- Closed Mar 8, 2022
Deal protections
- Break fee (target pays)
- $14.2M · 2.5%
- Reverse fee (buyer pays)
- $28.4M · 4.9%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
Sector context · Industrials
- Comparable deals
- 46 in the prior 24 months
- Premium
- 66.0% vs. 38.4% sector median
- EV / Adj. EBITDA
- 9.2x vs. 11.9x sector median
- Break fee
- 2.5% vs. 2.8% sector median
Timeline
- AnnouncedDec 6, 2021
- Proxy filedJan 4, 2022
- Definitive proxyJan 28, 2022
- Shareholder voteMar 7, 2022
- ClosedMar 8, 2022
Valuation · fairness opinions
Trading comparables$6.22$14.00
Trading comparables$5.47$12.04
Precedent transactions$4.73$25.97
Discounted cash flow$9.08$14.74
Premiums paid$7.76$17.04
Offer $12.51
Implied value per Del Taco Restaurants, Inc. share by analysis · DCF discount rate 9.3%–14.3%.