M&A · Financials · Real Estate Investment Trusts
RMR Mortgage Trust to acquire Tremont Mortgage Trust
Announced Apr 27, 2021 · Closed Sep 30, 2021
Deal value$54M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$6.55 per share
Transaction
- Acquirer
- RMR Mortgage Trust (RMRM)
- Target
- Tremont Mortgage Trust (TRMT)
- Buyer type
- Strategic
- Offer price per share
- $6.55
- Enterprise value
- —
- Status
- Closed Sep 30, 2021
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- Not disclosed
- To the target
- UBS, Citigroup
- Citigroup fee
- $4.0M
Sector context · Financials
- Comparable deals
- 24 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedApr 27, 2021
- Proxy filedJul 26, 2021
- Definitive proxyJul 26, 2021
- Shareholder voteSep 17, 2021
- ClosedSep 30, 2021
Valuation · fairness opinions
Discounted cash flow$4.73$6.70
Discounted cash flow$8.73$12.93
Trading comparables$6.57$15.92
Trading comparables$9.09$20.77
Trading comparables$7.26$10.31
Offer $6.55
Implied value per Tremont Mortgage Trust share by analysis, from Citigroup.