M&A · Energy · Paints, Varnishes, Lacquers, Enamels & Allied Prods
Prince International Corporation to acquire Ferro Corp
Announced May 11, 2021 · Closed Apr 21, 2022
Deal value$2.10BEV $2.51B
Premium25.1%To unaffected price
EV / Adj. EBITDA17.2x2.5x EV / Revenue
ConsiderationAll cash$22.00 per share
Transaction
- Acquirer
- Prince International Corporation
- Target
- Ferro Corp
- Buyer type
- Strategic
- Offer price per share
- $22.00
- Enterprise value
- $2.51B
- Status
- Closed Apr 21, 2022
Deal protections
- Break fee (target pays)
- $55.1M · 2.6%
- Reverse fee (buyer pays)
- $93.4M · 4.4%
- Go-shop
- —
- Financing
- Committed · Barclays, Credit Suisse
Advisors
- To the acquirer
- Barclays, Morgan Stanley
- To the target
- Lazard
- Lazard fee
- $23.0M
Sector context · Energy
- Comparable deals
- 11 in the prior 24 months
- Premium
- 25.1% vs. 43.6% sector median
- EV / Adj. EBITDA
- 17.2x vs. 12.2x sector median
- Break fee
- 2.6% vs. 2.0% sector median
Timeline
- AnnouncedMay 11, 2021
- Proxy filedJul 9, 2021
- Definitive proxyJul 23, 2021
- Shareholder voteSep 9, 2021
- ClosedApr 21, 2022
Valuation · fairness opinions
Precedent transactions$16.35$20.35
Precedent transactions$19.45$24.05
Trading comparables$17.25$24.30
Trading comparables$17.45$21.85
Future share price$18.20$24.00
Offer $22.00
Implied value per Ferro Corp share by analysis, from Lazard · DCF discount rate 9%–10%.