M&A · Tech · Periodicals: Publishing or Publishing & Printing
Gray Television Inc to acquire Meredith Corp
Announced May 3, 2021 · Closed Dec 1, 2021
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$14.51 per share
Transaction
- Acquirer
- Gray Television Inc (GTN)
- Target
- Meredith Corp
- Buyer type
- Strategic
- Offer price per share
- $14.51
- Enterprise value
- —
- Status
- Closed Dec 1, 2021
Deal protections
- Break fee (target pays)
- $36.0M
- Reverse fee (buyer pays)
- $125M
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, Barclays, Credit Suisse, Wells Fargo
Advisors
- To the acquirer
- Not disclosed
- To the target
- Moelis
- Moelis fee
- $33.6M
Sector context · Tech
- Comparable deals
- 30 in the prior 24 months
- Premium
- Sector median 33.0%
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedMay 3, 2021
- S-4 filedAug 11, 2021
- Definitive proxyNov 8, 2021
- Shareholder voteNov 30, 2021
- ClosedDec 1, 2021
Valuation · fairness opinions
Discounted cash flow$8.76$19.34
Precedent transactions$5.95$16.66
Precedent transactions$14.22$20.19
Offer $14.51
Implied value per Meredith Corp share by analysis, from Moelis.