M&A · Financials · Real Estate Investment Trusts
Industrial Logistics Properties Trust to acquire Monmouth Real Estate Investment Corp
Announced Nov 5, 2021 · Closed Feb 25, 2022
Deal value$4.00B
Premium24.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$21.00 per share
Transaction
- Acquirer
- Industrial Logistics Properties Trust (ILPT)
- Target
- Monmouth Real Estate Investment Corp (MNR)
- Buyer type
- Strategic
- Offer price per share
- $21.00
- Enterprise value
- —
- Status
- Closed Feb 25, 2022
Deal protections
- Break fee (target pays)
- $72.0M · 1.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Citigroup, UBS
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, CS Capital Advisors
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- 24.0% vs. 35.9% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 1.8% vs. 3.7% sector median
Timeline
- AnnouncedNov 5, 2021
- Proxy filedDec 9, 2021
- Definitive proxyDec 21, 2021
- Shareholder voteFeb 17, 2022
- ClosedFeb 25, 2022
Valuation · fairness opinions
Trading comparables$14.11$20.89
Trading comparables$15.12$18.81
Trading comparables$13.66$20.00
Precedent transactions$11.76$24.34
Precedent transactions$16.48$21.97
Offer $21.00
Implied value per Monmouth Real Estate Investment Corp share by analysis · DCF discount rate 6%–6.5%.