EX-99.(C)(8) 7 d842696dex99c8.htm EX-99.(C)(8) EX-99.(c)(8)

Exhibit (c)(8) Minority Squeeze-Outs of Public Companies Precedents U.S. Transactions Across Industries U.S. Squeeze-Out Precedents Across Industries Basis of Presentation Premium to Unaffected • Time Period: 2019 to present Ownership Stake Initial Final Equity Target Prior to Ann. Sought Offer Offer Value • Precedents across Date Ann. Target Acquirer Industry Nation (%) (%) (%) (%) ($MM) industries from minority Shell Shell squeeze-outs of public Midstream United 2022 Midstream Energy 68.5 31.5 n.a. 9.6 1,963 companies in the U.S. LP Hldg States Partners LP LLC • Equity Value Size: Omega $1,000MM+ Continental United 2022 Acquisition Energy 82.6 17.4 8.5 15.2 4,701 Resources Inc States • Excludes real estate, Inc insurance and financial transactions Phillips 66 Phillips 66 United 2021 Energy 74.3 25.7 n.a. 4.8 2,961 Partners LP Co States • Excludes withdrawn offers Eidos BridgeBio Biotech / United 2020 Therapeutics 60.8 39.2 n.a. 41.1 1,113 Pharma Inc Pharma States Inc Brookfield TerraForm United 2020 Renewable Utilities 61.6 38.4 11.0 17.4 1,440 Power Inc States Partners KYOCERA United 2019 AVX Corp Technology 72.0 28.0 29.7 44.6 1,031 Corp States Mean 70.0 30.0 16.4 22.1 2,201 Median 70.3 29.8 11.0 16.3 1,701 Source: Thomson Reuters, Company Filings, Deal Point Data PRELIMINARY DRAFT / HIGHLY CONFIDENTIAL 1