M&A · Energy · Crude Petroleum & Natural Gas
ExxonMobil Holdings Corp to acquire Denbury Inc
Announced Jul 14, 2023 · Closed Nov 2, 2023
Deal value$4.90BEV $5.04B
Premium14.4%To unaffected price
EV / Adj. EBITDA5.9x3.1x EV / Revenue
ConsiderationAll stock$100.35 per share
Transaction
- Acquirer
- ExxonMobil Holdings Corp (XOM)
- Target
- Denbury Inc
- Buyer type
- Strategic
- Offer price per share
- $100.35
- Enterprise value
- $5.04B
- Status
- Closed Nov 2, 2023
Deal protections
- Break fee (target pays)
- $144M · 2.9%
- Reverse fee (buyer pays)
- $144M · 2.9%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, PJT Partners
- PJT Partners fee
- $3.0M
Sector context · Energy
- Comparable deals
- 34 in the prior 24 months
- Premium
- 14.4% vs. 24.6% sector median
- EV / Adj. EBITDA
- 5.9x vs. 10.2x sector median
- Break fee
- 2.9% vs. 2.9% sector median
Timeline
- AnnouncedJul 14, 2023
- Proxy filedSep 29, 2023
- Definitive proxySep 29, 2023
- Shareholder voteOct 31, 2023
- ClosedNov 2, 2023
Valuation · fairness opinions
Other analysisJPMorgan$46.50$66.25
Sum of the partsJPMorgan$56.75$93.25
Sum of the partsJPMorgan$62.25$101.00
Analyst price targetsJPMorgan$64.75$124.00
Trading comparables$40.90$62.41
Discounted cash flow$59.41$88.62
Discounted cash flow$63.26$93.66
Analyst price targets$64.87$124.40
Offer $100.35
Implied value per Denbury Inc share by analysis, from JPMorgan · DCF discount rate 8.75%–10.75%.