M&A · Industrials · Wholesale-Paper & Paper Products
Clayton, Dubilier & Rice, LLC to acquire Veritiv Corp
Announced Aug 7, 2023 · Closed Nov 30, 2023
Deal value$2.60BEV $2.52B
Premium20.4%To unaffected price
EV / Adj. EBITDA5.0x0.4x EV / Revenue
ConsiderationAll cash$170.00 per share
Transaction
- Acquirer
- Clayton, Dubilier & Rice, LLC
- Target
- Veritiv Corp
- Buyer type
- Private equity
- Offer price per share
- $170.00
- Enterprise value
- $2.52B
- Status
- Closed Nov 30, 2023
Deal protections
- Break fee (target pays)
- $74.4M · 2.9%
- Reverse fee (buyer pays)
- $149M · 5.7%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, RBC Capital Markets, Wells Fargo, BMO Capital Markets, UBS, BNP Paribas +2
Advisors
- To the acquirer
- Guggenheim, Wells Fargo, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, UBS
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $31.0M
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 20.4% vs. 47.1% sector median
- EV / Adj. EBITDA
- 5.0x vs. 11.2x sector median
- Break fee
- 2.9% vs. 2.8% sector median
Timeline
- AnnouncedAug 7, 2023
- Proxy filedSep 8, 2023
- Definitive proxySep 18, 2023
- Shareholder voteOct 17, 2023
- ClosedNov 30, 2023
Valuation · fairness opinions
Trading comparables$134.00$198.50
Trading comparables$112.50$170.50
Discounted cash flow$145.75$191.50
Future share price$165.50$194.25
Future share price$242.50$360.75
Offer $170.00
Implied value per Veritiv Corp share by analysis, from Morgan Stanley.