M&A · Healthcare · In Vitro & In Vivo Diagnostic Substances
SD Biosensor and SJL Partners to acquire Meridian Bioscience Inc
Announced Jul 7, 2022 · Closed Feb 1, 2023
Deal value$1.53BEV $1.43B
Premium32.0%To unaffected price
EV / Adj. EBITDA14.0x4.2x EV / Revenue
ConsiderationAll cash$34.00 per share
Transaction
- Acquirer
- SD Biosensor and SJL Partners
- Target
- Meridian Bioscience Inc
- Buyer type
- Strategic
- Offer price per share
- $34.00
- Enterprise value
- $1.43B
- Status
- Closed Feb 1, 2023
Deal protections
- Break fee (target pays)
- $46.0M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Rothschild & Co
Sector context · Healthcare
- Comparable deals
- 50 in the prior 24 months
- Premium
- 32.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 14.0x vs. 20.4x sector median
- Break fee
- 3.0% vs. 3.4% sector median
Timeline
- AnnouncedJul 7, 2022
- Proxy filedAug 25, 2022
- Definitive proxySep 8, 2022
- Shareholder voteOct 10, 2022
- ClosedJan 31, 2023
Valuation · fairness opinions
Trading comparables$18.55$29.95
Trading comparables$21.15$28.40
Trading comparables$26.10$31.70
Trading comparables$26.10$31.50
Precedent transactions$28.10$35.75
Offer $34.00
Implied value per Meridian Bioscience Inc share by analysis, from Rothschild & Co.