M&A · Energy · Crude Petroleum & Natural Gas
Paloma Partners VI Holdings, LLC to acquire Goodrich Petroleum Corp
Announced Nov 22, 2021 · Closed Dec 23, 2021
Deal value$331MEV $437M
Premium7.0%To unaffected price
EV / Adj. EBITDA4.0x2.8x EV / Revenue
ConsiderationAll cash$23.00 per share
Transaction
- Acquirer
- Paloma Partners VI Holdings, LLC
- Target
- Goodrich Petroleum Corp (GDP)
- Buyer type
- Strategic
- Offer price per share
- $23.00
- Enterprise value
- $437M
- Status
- Closed Dec 23, 2021
Deal protections
- Break fee (target pays)
- $15.0M · 4.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Greenhill
- To the target
- Tudor, Pickering, Holt, Perella Weinberg
- Perella Weinberg fee
- $1.0M
Sector context · Energy
- Comparable deals
- 21 in the prior 24 months
- Premium
- 7.0% vs. 25.1% sector median
- EV / Adj. EBITDA
- 4.0x vs. 13.3x sector median
- Break fee
- 4.5% vs. 2.5% sector median
Timeline
- AnnouncedNov 22, 2021
- Tender offerNov 24, 2021
- ClosedDec 23, 2021
Valuation · fairness opinions
Trading comparables$17.23$24.00
Trading comparables$21.36$34.42
Trading comparables$16.75$28.14
Trading comparables$11.33$20.71
Trading comparables$18.74$30.85
Offer $23.00
Implied value per Goodrich Petroleum Corp share by analysis, from Perella Weinberg · DCF discount rate 13.5%–17.5%.