M&A · Industrials · Sugar & Confectionery Products
Sababa Holdings to acquire Whole Earth Brands, Inc.
Announced Feb 13, 2024 · Closed Aug 5, 2024
Deal value$209MEV $621M
Premium56.0%To unaffected price
EV / Adj. EBITDA—1.2x EV / Revenue
ConsiderationAll cash$4.88 per share
Transaction
- Acquirer
- Sababa Holdings
- Target
- Whole Earth Brands, Inc.
- Buyer type
- Strategic
- Offer price per share
- $4.88
- Enterprise value
- $621M
- Status
- Closed Aug 5, 2024
Deal protections
- Break fee (target pays)
- $20.0M · 9.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
- Jefferies fee
- $1.4M
Sector context · Industrials
- Comparable deals
- 83 in the prior 24 months
- Premium
- 56.0% vs. 41.2% sector median
- EV / Adj. EBITDA
- Sector median 10.4x
- Break fee
- 9.6% vs. 2.8% sector median
Timeline
- AnnouncedFeb 13, 2024
- Proxy filedMar 15, 2024
- Definitive proxyJun 24, 2024
- Shareholder voteJul 31, 2024
- ClosedAug 5, 2024
Valuation · fairness opinions
Trading comparables$3.45$6.45
Trading comparables$4.55$8.90
Precedent transactions$4.55$8.05
Discounted cash flow$5.65$9.95
Discounted cash flow$3.60$9.55
Offer $4.88
Implied value per Whole Earth Brands, Inc. share by analysis, from Jefferies.