EX-99.(C)(9) 4 dex99c9.htm COMPILATION OF CONTROL PREMIUM DATA Compilation of control premium data

Exhibit (c)(9)

Mergerstat Review

Control Premium Data

Software Company Transactions (2007 - 2008)

 

          Descriptive Statistics (Group Medians)
     # of Deals    Revenue    EBITDA
Margin
    Deal Size    Unaffected
Control
Premium
    MVTC /
Revenue
   MVTC /
EBITDA

OVERALL SUMMARY

   72    $ 89.30    11.0   $ 234.72    24.0   2.01    17.0

SORTED BY EFFECTIVE DATE

                  

January to June 2007

   30    $ 138.75    11.0   $ 482.99    22.5   2.14    16.7

July to December 2007

   12    $ 79.22    13.6   $ 225.50    16.0   2.87    15.4

January to June 2008

   16    $ 71.26    10.0   $ 208.71    27.5   1.81    17.1

July to December 2008

   14    $ 77.86    10.7   $ 152.82    31.0   1.77    16.0

SORTED BY DEAL SIZE (Equity + Debt)

                  

Less than $100 million

   24    $ 28.01    2.9   $ 42.54    32.5   1.28    17.3

$100 million to $500 million

   22    $ 86.67    11.8   $ 221.53    24.0   2.18    17.0

$500 million to $1 billion

   10    $ 228.19    11.4   $ 797.56    22.0   2.81    21.3

More than $1 billion

   16    $ 633.85    18.4   $ 1,709.58    25.0   3.61    14.9

SORTED BY FORM OF TRANSACTION

                  

Acquisition

   37    $ 98.01    10.9   $ 232.27    28.0   1.91    16.2

Going Private / MBO

   18    $ 58.26    9.5   $ 128.79    22.0   1.87    16.9

Tender Offer

   17    $ 146.92    12.4   $ 322.06    23.0   2.68    17.0

SORTED BY TYPE OF TRANSACTION

                  

Financial / Conglomerate

   14    $ 94.38    16.1   $ 197.41    10.0   3.03    15.8

Strategic (Horizontal & Vertical)

   58    $ 89.30    9.2   $ 248.07    25.5   1.89    17.4

SORTED BY FORM OF CONSIDERATION

                  

Cash Only

   63    $ 108.06    11.1   $ 258.98    23.0   2.05    16.7

Cash / Stock / Other

   6    $ 14.28    13.1   $ 33.31    36.0   3.84    19.4

Stock Only

   3    $ 78.97    3.0   $ 54.19    61.0   0.69    16.1

Dispersion of Observed Control Premiums

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Summary TRL Mergerstat Data