M&A · Financials · Real Estate Investment Trusts
Equity Commonwealth to acquire Monmouth Real Estate Investment Corp
Announced May 4, 2021 · Terminated
Deal value$3.40B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$19.58 per share
Transaction
- Acquirer
- Equity Commonwealth (EQC)
- Target
- Monmouth Real Estate Investment Corp (MNR)
- Buyer type
- Strategic
- Offer price per share
- $19.58
- Enterprise value
- —
- Status
- Terminated
Deal protections
- Break fee (target pays)
- $62.0M · 1.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan, CS Capital Advisors
Sector context · Financials
- Comparable deals
- 27 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 1.8% vs. 3.7% sector median
Timeline
- AnnouncedMay 4, 2021
- Proxy filedJul 23, 2021
- Definitive proxyJul 23, 2021
- Shareholder voteAug 31, 2021
- Terminated—