M&A · Healthcare · In Vitro & In Vivo Diagnostic Substances
PerkinElmer, Inc. to acquire Oxford Immunotec Global PLC
Announced Jan 7, 2021 · Closed Mar 8, 2021
Deal value$600MEV $411M
Premium28.3%To unaffected price
EV / Adj. EBITDA—7.2x EV / Revenue
ConsiderationAll cash$22.00 per share
Transaction
- Acquirer
- PerkinElmer, Inc. (PKI)
- Target
- Oxford Immunotec Global PLC (OXFD)
- Buyer type
- Strategic
- Offer price per share
- $22.00
- Enterprise value
- $411M
- Status
- Closed Mar 8, 2021
Deal protections
- Break fee (target pays)
- $5.9M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Guggenheim
- To the target
- Perella Weinberg
Sector context · Healthcare
- Comparable deals
- 5 in the prior 24 months
- Premium
- 28.3% vs. 70.5% sector median
- EV / Adj. EBITDA
- Sector median 10.6x
- Break fee
- 1.0% vs. 3.0% sector median
Timeline
- AnnouncedJan 7, 2021
- Proxy filedJan 19, 2021
- Definitive proxyJan 29, 2021
- Shareholder voteFeb 26, 2021
- ClosedMar 8, 2021
Valuation · fairness opinions
Trading comparables$17.45$20.53
Offer $22.00
Implied value per Oxford Immunotec Global PLC share by analysis, from Perella Weinberg · DCF discount rate 9.5%–11.5%.