M&A · Energy · Steel Works, Blast Furnaces & Rolling & Finishing Mills
North American Stainless to acquire Haynes International Inc
Announced Feb 5, 2024 · Closed Nov 21, 2024
Deal value$970MEV $970M
Premium—To unaffected price
EV / Adj. EBITDA12.2x1.6x EV / Revenue
ConsiderationAll cash$61.00 per share
Transaction
- Acquirer
- North American Stainless
- Target
- Haynes International Inc (HAYN)
- Buyer type
- Strategic
- Offer price per share
- $61.00
- Enterprise value
- $970M
- Status
- Closed Nov 21, 2024
Deal protections
- Break fee (target pays)
- $28.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 24.6%
- EV / Adj. EBITDA
- 12.2x vs. 8.7x sector median
- Break fee
- 2.9% vs. 2.8% sector median
Timeline
- AnnouncedFeb 5, 2024
- Proxy filedMar 5, 2024
- Definitive proxyMar 18, 2024
- Shareholder voteApr 16, 2024
- ClosedNov 21, 2024
Valuation · fairness opinions
Trading comparables$49.81$57.43
Trading comparables$54.79$64.21
Precedent transactions$50.16$61.43
Discounted cash flow$54.89$66.14
Offer $61.00
Implied value per Haynes International Inc share by analysis, from Jefferies.