M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Nordson Corp to acquire Atrion Corp
Announced May 28, 2024 · Closed Aug 21, 2024
Deal value$815MEV $808M
Premium—To unaffected price
EV / Adj. EBITDA—4.6x EV / Revenue
ConsiderationAll cash$460.00 per share
Transaction
- Acquirer
- Nordson Corp (NDSN)
- Target
- Atrion Corp (ATRI)
- Buyer type
- Strategic
- Offer price per share
- $460.00
- Enterprise value
- $808M
- Status
- Closed Aug 21, 2024
Deal protections
- Break fee (target pays)
- $20.0M · 2.5%
- Reverse fee (buyer pays)
- $40.7M · 5.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Truist Securities
- Truist Securities fee
- $14.3M
Sector context · Healthcare
- Comparable deals
- 105 in the prior 24 months
- Premium
- Sector median 63.5%
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 2.5% vs. 3.5% sector median
Timeline
- AnnouncedMay 28, 2024
- Proxy filedJul 2, 2024
- Definitive proxyJul 15, 2024
- Shareholder voteAug 19, 2024
- ClosedAug 21, 2024
Valuation · fairness opinions
Trading comparables$402.60$449.90
Trading comparables$377.30$423.00
Trading comparables$321.40$433.90
Offer $460.00
Implied value per Atrion Corp share by analysis, from Truist Securities.