M&A · Tech · Optical Instruments & Lenses
Nordson Corp to acquire Cyberoptics Corp
Announced Aug 8, 2022 · Closed Nov 3, 2022
Deal value$380MEV $390M
Premium—To unaffected price
EV / Adj. EBITDA19.1x3.9x EV / Revenue
ConsiderationAll cash$54.00 per share
Transaction
- Acquirer
- Nordson Corp (NDSN)
- Target
- Cyberoptics Corp
- Buyer type
- Strategic
- Offer price per share
- $54.00
- Enterprise value
- $390M
- Status
- Closed Nov 3, 2022
Deal protections
- Break fee (target pays)
- $12.5M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Barclays
Sector context · Tech
- Comparable deals
- 75 in the prior 24 months
- Premium
- Sector median 33.0%
- EV / Adj. EBITDA
- 19.1x vs. 17.8x sector median
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedAug 8, 2022
- Proxy filedSep 12, 2022
- Definitive proxySep 26, 2022
- Shareholder voteNov 3, 2022
- ClosedNov 3, 2022
Valuation · fairness opinions
Trading comparables$36.57$45.72
Trading comparables$42.95$54.41
Trading comparables$39.85$45.37
Trading comparables$45.19$52.11
Precedent transactions$45.79$60.48
Offer $54.00
Implied value per Cyberoptics Corp share by analysis, from Barclays.