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CONTROL PREMIUM STUDY
3RD QUARTER 2016
One Gateway Center, Suite 220
Newark, NJ 07102
(973) 849-2400
www.mergerstat.com
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. Subscription: Contact Business Valuation Resources at (888)
287-8258. For additional information about Mergerstat or our services, please visit our web site at www.mergerstat.com. It is
illegal under Federal copyright law to reproduce this publication or any portion of its contents without the publisher’s
permission. Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or
editorial comment should contact Kenneth Woo at (650) 287-4824. Mergerstat gathers its data from sources it considers
reliable; however, it does not guarantee the accuracy or completeness of the information provided within this publication.
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. i
Table of Contents
Page
About the Control Premium Study ......................................................................................... ii
Control Premium Analytics ...................................................................................................... 1
Control Premium Comparative Results .................................................................................. 2
12-Month Median Premiums by Industry .............................................................................. 3
Premiums vs. S&P 500 Index ................................................................................................... 4
3rd Quarter 2016 Summary Statistics ..................................................................................... 5
12-Month Summary Figures .................................................................................................... 5
Control Premiums by Industry ................................................................................................ 6
Transaction Information
Target Name and SIC Number (Domestic) ........................................................................... 24
Target Name and SIC Number (International) .................................................................... 27
Announce & Closing Dates, Total Deal Value (Domestic) ................................................. 30
Announce & Closing Dates, Total Deal Value (International) ............................................ 33
Purchase Price/Share – Mergerstat Unaffected Price (Domestic) ......................................... 36
Purchase Price/Share – Mergerstat Unaffected Price (International) .................................. 39
Mergerstat Unaffected Control Premium (Domestic) ........................................................... 42
Mergerstat Unaffected Control Premium (International) ..................................................... 45
Target Financials (Domestic) ................................................................................................ 48
Target Financials (International) ........................................................................................... 51
Target Multiples (Domestic) ................................................................................................. 54
Target Multiples (International) ............................................................................................ 57
Target Demographics (Domestic) ........................................................................................ 60
Target Demographics (International) ................................................................................... 63
Company Descriptions Domestic .............................................................................................................................. 67
International ......................................................................................................................... 71
Standard Industry Classification (SIC) Summary ................................................................ 76
Description of Terms ................................................................................................................ 78
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. ii
About The Control Premium Study
A control premium is defined as the additional consideration that an investor would pay over a marketable minority
equity value (i.e., current, publicly traded stock prices) in order to own a controlling interest in the common stock
of a company. In this study, the premium is expressed as a percentage of the unaffected marketable minority price
per share or the “Mergerstat™ Unaffected Price.” This is the price just prior to the point of change in the
representative normal pricing of a given security.
Mergerstat examines transactions whereby 50.01 percent or more of a company was acquired. A controlling interest
is considered to have greater value than a minority interest because of the purchaser’s ability to effect changes in
the overall business structure and to influence business policies. Control premiums can vary greatly. Factors
affecting the magnitude of a given control premium include:
The nature and magnitude of nonoperating assets.
The nature and magnitude of discretionary expenses.
The perceived quality of existing management.
The nature and magnitude of business opportunities which are not currently being exploited.
The ability to integrate the acquiree into the acquirer’s business or distribution channels.
In order to obtain unbiased and accurate pricing information, the scope of this study has been narrowed to completed
transactions where the target company was publicly traded. For domestic transactions, Premiums ranged from -
89.5% for Linn Energy LLC to 236.7% for Axiall Corp.. For international transactions, Premiums ranged from -
98.8% for Yageo Corp. (Luminous Town Electric Co., Ltd.) to 428.0% for Dominion Citrus Income Fund.
Mergerstat does not include negative premiums in calculating average and median statistics. If negative premiums
had been included in the calculations for the 3rd Quarter 2016, the results would have been as follows:
Including Negative Premiums Excluding Negative Premiums
# of Deals Premium # of Deals Premium
Domestic Average 79 44.8% 77 47.1%
Domestic Median 79 35.3% 77 37.3%
International Average 85 28.9% 66 47.4%
International Median 85 16.6% 66 24.7%
Overall Average 164 36.6% 143 47.3%
Overall Median 164 29.0% 143 32.8%
Throughout the Control Premium Study, negative premiums are indicated by an “*” for your reference.
Tayo Olatoyan
Senior Content Manager
(212) 849-4189
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 1
Control Premium Analytics *
Overall
Domestic International
3Q16 Latest Twelve Months
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
40
80
120
160
200
240
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
# of Deals Average MedianDealsPremium
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
10
20
30
40
50
60
70
80
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
# of Deals Average Median
DealsPremium
0%
15%
30%
45%
60%
75%
0
20
40
60
80
100
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
# of Deals Average Median
DealsPremium
Domestic
48%
International
52%
Domestic
46%
International
54%
* Average and median calculations exclude negative premiums
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 2
Control Premium Study Results *
MERGERSTAT
CONTROL PREMIUM STUDY
COMPARATIVE RESULTS
Percentages are rounded.
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
12-Month Median 33% 32% 31% 29% 29% 27% 28% 28% 28% 32% 30% 32% 32%
3-Month Median 33% 32% 26% 26% 29% 26% 31% 27% 29% 37% 27% 32% 33%
Transactions 108 132 119 96 129 145 141 127 127 146 116 120 164
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
Control
Premium
12-Month Median 3-Month Median
* Median calculations excludes negative premiums
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 3
12-Month Median Premiums by Industry*
MERGERSTAT
CONTROL PREMIUM STUDY
12-MONTH MEDIAN PREMIUMS BY INDUSTRY
For the 12 months ended Sept. 31, 2016.
2016 2015 2014
Quarter
3-Month
Median Premium
No. of Trans.
12-Month
Median Premium
3-Month
Median Premium
No. of Trans.
12-Month
Median Premium
3-Month
Median Premium
No. of Trans.
12-Month
Median Premium
First 27.2% 116 30.4% 31.0% 141 28.2% 26.3% 119 30.9%
Second 31.6% 120 31.6% 27.0% 127 28.2% 26.4% 96 29.1%
Third 32.8% 164 32.3% 28.5% 127 28.1% 29.0% 129 28.6%
Fourth 36.6% 146 31.8% 26.3% 145 27.2%
The 12-month median premiums were gathered from transactions occurring within a trailing 12-month period, whereas the 3-month median premiums represent similar analyses for a 3-month period.
Agri Mining Const Mfg Trans CommElec &
GasWhsle Retail Fin Svs Services
Median Premium 44% 47% 11% 37% 44% 40% 26% 78% 27% 29% 32%
No. of Transactions 3 34 8 172 11 12 18 12 27 150 98
0%
10%
20%
30%
40%
50%
* Median calculations excludes negative premiums.
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 4
Premiums vs. S&P 500 Index *
MERGERSTAT
CONTROL PREMIUM STUDY
PREMIUMS VS. S&P 500 INDEX
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
S&P 500 Index 1681.6 1848.4 1872.3 1960.2 1972.3 2058.9 2067.9 2063.1 1920.0 2043.9 2059.7 2098.9 2168.3
12-Month Median 33% 32% 31% 29% 29% 27% 28% 28% 28% 32% 30% 32% 32%
25%
30%
35%
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
Con
trol
Pre
miu
ms
S&
P 5
00
In
dex
S&P 500 Index 12-Month Median
* Excludes negative premiums.
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 5
Summary Statistics
3RD QUARTER 2016
Domestic Transactions
Number of Transactions 79
Range -89.5% to 236.7%
Median* 37.3%
Average* 47.1%
International Transactions
Number of Transactions 85
Range -98.8% to 428.0%
Median* 24.7%
Average* 47.4%
Domestic and International Transactions
Number of Transactions 164
Range -98.8% to 428.0%
Median* 32.8%
Average* 47.3%
12-MONTH SUMMARY FIGURES (10/01/15 TO 09/30/16)
Number of Transactions 545
Range -98.8% to 498.8%
Median* 32.3%
Average* 46.7%
* Excludes negative premiums.
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in range, average and median calculations.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 6
Control Premiums by Industry – Trailing 12 Months
SIC Target Closing Mergerstat Unaffected
Code Category Date Target Name Control Premium
01-09 Agriculture and Forestry
Range = 6.4% to 81.3% Median = 43.9% Average = 43.9%
0721 08/01/16 Ceres, Inc. 81.3%
0811 02/19/16 Plum Creek Timber Co., Inc. -5.3% *
0912 08/31/16 Aker ASA (Havfisk ASA) 6.4%
10-14 Mining
Range = 1.3% to 215.2% Median = 46.6% Average = 67.3%
10 Metal Mining
Range = 2.0% to 169.4% Median = 48.1% Average = 62.9%
1021 08/03/16 Hindalco Industries Ltd. (Aditya Birla Minerals
Ltd.)
169.4%
1041 04/01/16 Lake Shore Gold Corp. 31.4%
1041 01/26/16 St. Andrew Goldfields Ltd. 17.2%
1041 01/06/16 Phoenix Gold Ltd. 56.1%
1041 12/21/15 Mangazeya Mining Ltd. -77.8% *
1041 12/18/15 Atherton Resources Ltd. 48.1%
1041 11/17/15 Polyus Gold International Ltd. 2.0%
1044 10/01/15 SilverCrest Mines, Inc. 23.1%
1099 04/27/16 VMS Ventures, Inc. 135.7%
1099 03/24/16 Aquarius Platinum Ltd. 83.3%
12 Coal Mining
1222 10/22/15 Lubelski Wegiel Bogdanka SA 28.8%
13 Oil and Gas Extraction
Range = 1.3% to 215.2% Median = 44.0% Average = 66.5%
1311 09/16/16 Range Resources - Louisiana, Inc. 9.8%
1311 08/01/16 Linn Energy LLC -89.5% *
1311 07/21/16 Rock Energy, Inc. 8.7%
1311 07/14/16 Hawk Exploration Ltd. 166.7%
1311 06/29/16 Long Run Exploration Ltd. 215.2%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 7
13 Oil and Gas Extraction (continued)
1311 05/18/16 Lynden Energy Corp. 44.0%
1311 03/24/16 Marsa Energy, Inc. 25.2%
1311 03/21/16 Canadian Oil Sands Ltd. 62.3%
1311 12/31/15 FX Energy, Inc. 7.5%
1311 12/01/15 Kicking Horse Energy, Inc. 46.6%
1321 08/05/16 Gas Natural SDG SA (Gasco SA) 23.7%
1381 09/07/16 Yoho Resources, Inc. 102.1%
1381 04/13/16 Boulder Energy Ltd. 62.9%
1381 03/18/16 Caspian Energy, Inc. -62.5% *
1381 10/05/15 LRR Energy LP -41.9% *
1382 09/29/16 Bankers Petroleum Ltd. 98.2%
1382 08/19/16 Raimount Energy, Inc. 25.8%
1382 07/27/16 Striker Exploration Corp. 1.3%
1382 03/24/16 Mart Resources, Inc. 194.1%
1382 01/13/16 Petroamerica Oil Corp. 36.0%
1389 12/04/15 MarkWest Energy Partners LP -30.1% *
14 Mining and Quarrying of Nonmetallic Minerals, Except Fuels
1474 10/26/15 OCI Co., Ltd. (Ciner Resources LP) 138.0%
1479 09/06/16 Migao Corp. 89.9%
15-17 Construction
Range = 0.0% to 79.7% Median = 10.6% Average = 23.7%
15 Building Construction
Range = 0.0% to 79.7% Median = 23.2% Average = 31.5%
1521 07/01/16 Sala House Co., Ltd. 7.6%
1531 02/22/16 PT Puradelta Lestari Tbk -1.9% *
1542 01/15/16 Starland Holdings Ltd. 38.8%
1542 01/14/16 Gazit-Globe Ltd. (U. Dori Group Ltd.) -89.8% *
1542 12/18/15 Camus Engineering & Construction, Inc. 0.0%
1542 10/19/15 Nergeco SA 79.7%
17 Construction - Special Trade Contractors
1771 06/30/16 Tysan Holdings Ltd. 13.5%
1799 12/30/15 GraceKennedy Ltd. (Hardware & Lumber Ltd.) 2.8%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 8
20-39 Manufacturing
Range = 0.0% to 288.7% Median = 36.8% Average = 47.6%
20 Food and Kindred Products
Range = 0.0% to 77.9% Median = 26.0% Average = 35.5%
2013 04/01/16 Mitsubishi Corp. (Yonekyu Corp.) 20.4%
2021 01/15/16 Boulder Brands, Inc. 9.2%
2026 06/01/16 China Dairy Group Ltd. 77.3%
2041 10/05/15 Zito d.d. 38.5%
2046 01/04/16 Samyang Genex Corp. 27.4%
2051 09/30/16 Golden Enterprises, Inc. 60.0%
2051 07/27/16 Krispy Kreme Doughnuts, Inc. 24.6%
2068 02/29/16 Diamond Foods, Inc. 14.4%
2082 10/15/15 Pivovarna Lasko dd 11.6%
2085 07/14/16 Société des Produits Marnier Lapostolle SA 60.4%
2086 05/28/16 Coca-Cola Enterprises, Inc. 14.4%
2095 03/03/16 Keurig Green Mountain, Inc. 77.9%
2098 10/01/15 Thai Wah Food Products Public Co. Ltd. -14.3% *
2099 07/14/16 Agalawatte Plantations PLC 0.0%
22 Textile Mill Products
Range = 4.7% to 34.0% Median = 31.4% Average = 23.4%
2231 03/17/16 Royal Ten Cate NV 34.0%
2258 07/29/16 Grand Concord International Holdings Ltd. 4.7%
2281 08/05/16 Industria Textil Piura SA -92.3% *
2297 08/01/16 Lentex SA (Novita SA) -11.7% *
2299 09/23/16 Takson Holdings Ltd. 31.4%
23 Apparel
2341 03/18/16 Brilliance Worldwide Holdings Ltd. -4.7% *
2371 08/25/16 China Smarter Energy Group Holdings Ltd. -35.3% *
2389 06/06/16 Voir Holdings Bhd. -32.4% *
24-26 Lumber, Furniture and Paper
Range = 9.9% to 94.7% Median = 50.3% Average = 51.3%
2411 05/13/16 Jemi Fibre Corp. 60.0%
2435 06/22/16 Steed Oriental (Holdings) Co., Ltd. 9.9%
2499 12/01/15 Talsu Mezrupnieciba AS -66.7% *
2531 09/02/16 Johnson Controls, Inc. -2.0% *
2621 01/21/16 Wausau Paper Corp. 40.6%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 9
24-26 Lumber, Furniture and Paper (continued)
2652 12/29/15 Young Poong Paper Manufacturing Co., Ltd. 94.7%
2671 09/29/16 Toyo Seikan Group Holdings Ltd. (Malaysia
Packaging Industry Bhd.)
-63.1% *
27 Printing, Publishing and Allied Industries
Range = 20.6% to 52.5% Median = 21.4% Average = 31.5%
2711 04/08/16 Journal Media Group, Inc. 52.5%
2721 12/04/15 Martha Stewart Living Omnimedia, Inc. 20.6%
2721 11/17/15 Talentum Oyj 21.4%
2741 10/15/15 Vantage Equities, Inc. (Yehey! Corp.) -12.4% *
28 Chemicals and Allied Products
Range = 2.4% to 236.7% Median = 38.6% Average = 54.8%
2812 08/31/16 Axiall Corp. 236.7%
2812 01/04/16 Hindalco Industries Ltd. (Aditya Birla Chemicals
(India) Ltd.)
7.1%
2819 11/18/15 Sigma-Aldrich Corp. 36.8%
2819 10/28/15 OM Group, Inc. 28.1%
2821 12/09/15 Cytec Industries, Inc. 28.9%
2834 09/28/16 Medivation, Inc. 41.0%
2834 09/01/16 Relypsa, Inc. 43.4%
2834 08/29/16 Sagent Pharmaceuticals, Inc. 35.3%
2834 07/01/16 XenoPort, Inc. 59.8%
2834 06/24/16 Anacor Pharmaceuticals, Inc. 55.0%
2834 06/21/16 Alexza Pharmaceuticals, Inc. 227.2%
2834 05/25/16 Rui Kang Pharmaceutical Group Investments Ltd. 5.0%
2834 04/28/16 Biotie Therapies Oyj 95.4%
2834 02/10/16 Ocata Therapeutics, Inc. 78.9%
2834 02/05/16 Tribute Pharmaceuticals Canada, Inc. -3.1% *
2834 01/22/16 Dyax Corp. 50.0%
2834 12/04/15 DARA BioSciences, Inc. 34.2%
2834 11/19/15 Shasun Pharmaceuticals Ltd. 114.0%
2834 11/02/15 InSite Vision, Inc. 150.0%
2834 10/21/15 Genera dd 42.5%
2834 10/13/15 R-Tech Ueno, Ltd. 62.4%
2836 06/03/16 Baxalta, Inc. 40.5%
2836 05/30/16 Gene Techno Science Co., Ltd. 8.5%
2836 04/08/16 Allenex AB 16.6%
2837 05/06/16 VBI Vaccines, Inc. /Old/ 8.0%
2873 04/01/16 Rentech, Inc. (Rentech Nitrogen Partners LP) 9.4%
2873 10/01/15 CO-OP Chemical Co., Ltd. -35.8% *
2879 09/09/16 Excel Crop Care Ltd. 3.1%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 10
28 Chemicals and Allied Products (continued)
2879 12/08/15 Astec LifeSciences Ltd. 2.4%
2891 01/13/16 CEMEDINE Co., Ltd. 14.7%
29 Petroleum Refining
2911 06/23/16 Northern Tier Energy LP -14.2% *
30 Rubber and Miscellaneous Plastics Products
Range = 2.6% to 17.2% Median = 9.9% Average = 9.9%
3011 11/06/15 Pirelli & C. SpA -1.5% *
3021 09/30/16 Alpargatas SA 17.2%
3089 10/09/15 Thai Plaspac PCL 2.6%
31 Leather and Leather Products
Range = 20.1% to 35.1% Median = 27.6% Average = 27.6%
3161 08/01/16 Tumi Holdings, Inc. 35.1%
3171 06/03/16 Lee & Man Handbags Holding Ltd. -20.3% *
3199 11/02/15 Chanco International Group Ltd. 20.1%
32-33 Stone, Concrete Products and Primary Metals
Range = 10.2% to 113.3% Median = 38.6% Average = 51.4%
3251 04/11/16 ML Global Bhd. -8.2% *
3291 06/24/16 Nihon Kenshi Co., Ltd. 10.2%
3291 04/06/16 SunOpta, Inc. (Opta Minerals, Inc.) -30.7% *
3296 09/15/16 Superglass Holdings PLC 113.3%
3312 11/23/15 KT ROLL Co., Ltd. -43.0% *
3316 03/17/16 Tokyo Kohtetsu Co., Ltd. 55.9%
3324 01/29/16 Precision Castparts Corp. 21.2%
3353 09/30/16 Aluminium Co. of Malaysia Bhd. -23.3% *
3354 02/25/16 Montupet SA 16.1%
3357 10/01/15 Torrent Cables Ltd. 91.7%
34-35 Fabricated Metal Products, Industrial Machinery and Computers
Range = 0.0% to 103.7% Median = 45.9% Average = 42.5%
3465 02/04/16 Fuji Technica & Miyazu, Inc. 2.6%
3469 06/07/16 Interplex Holdings Ltd. 15.5%
3511 06/22/16 China Ming Yang Wind Power Group Ltd. 13.1%
3533 04/01/16 Cameron International Corp. 58.3%
3553 04/12/16 Blount International, Inc. 85.9%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 11
34-35 Fabricated Metal Products, Industrial Machinery and Computers
(continued)
3561 12/04/15 Sulzer AG 0.0%
3569 10/23/15 Adept Technology, Inc. 63.0%
3571 10/22/15 Bematech SA 57.0%
3572 09/08/16 Glory Mark Hi-Tech (Holdings) Ltd. 103.7%
3572 09/07/16 EMC Corp. 23.5%
3572 08/16/16 QLogic Corp. 17.7%
3572 05/12/16 SanDisk Corp. 45.9%
3572 02/23/16 EZchip Semiconductor Ltd. 16.0%
3572 11/03/15 Promethean World PLC 51.7%
3577 09/14/16 SMART Technologies, Inc. -9.1% *
3577 05/27/16 Ruckus Wireless, Inc. 28.9%
3581 09/27/16 Outerwall, Inc. 51.2%
3585 12/23/15 DeLclima SpA 88.6%
36 Electrical and Electronic Machinery and Equipment
Range = 4.8% to 254.2% Median = 37.9% Average = 46.2%
3612 04/18/16 Jinpan International Ltd. 65.8%
3629 05/09/16 PowerSecure International, Inc. 79.8%
3631 04/15/16 Jarden Corp. 22.3%
3634 08/31/16 Nortek, Inc. 37.6%
3641 10/09/15 Phoenix Lamps Ltd. -15.7% *
3648 05/25/16 CCS, Inc. (Japan) 20.7%
3651 08/04/16 Yuhua Energy Holdings Ltd. -8.8% *
3652 03/16/16 Loen Entertainment, Inc. 24.4%
3663 07/06/16 RR Media Ltd. 52.8%
3663 04/14/16 Teleeye Holdings Ltd. 22.2%
3663 10/07/15 Telefield International (Holdings) Ltd. 12.2%
3669 05/13/16 Checkpoint Systems, Inc. 28.6%
3669 03/18/16 LoJack Corp. 85.6%
3672 07/27/16 United Engineers Ltd. (Multi-Fineline Electronix,
Inc.)
40.8%
3674 09/19/16 Fairchild Semiconductor International, Inc. 41.4%
3674 06/06/16 Alliance Fiber Optic Products, Inc. 24.0%
3674 05/11/16 Mattson Technology, Inc. 27.5%
3674 04/22/16 API Technologies Corp. 98.0%
3674 04/04/16 Atmel Corp. -0.4% *
3674 03/14/16 ANADIGICS, Inc. 254.2%
3674 03/07/16 Micronas Semiconductor Holding AG 63.0%
3674 02/01/16 Broadcom Corp. 20.1%
3674 01/28/16 OmniVision Technologies, Inc. 20.9%
3674 01/15/16 PMC-Sierra, Inc. 57.1%
3674 12/28/15 Altera Corp. 21.6%
3674 12/18/15 Vimicro International Corp. -72.6% *
3674 12/07/15 Freescale Semiconductor Ltd. 5.0%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 12
36 Electrical and Electronic Machinery and Equipment (continued)
3674 12/07/15 Integrated Silicon Solution, Inc. 38.8%
3674 11/24/15 Pericom Semiconductor Corp. 45.7%
3675 09/29/16 Yageo Corp. (Luminous Town Electric Co., Ltd.) -98.8% *
3677 08/02/16 QTC Energy PCL -30.2% *
3679 06/01/16 SL Industries, Inc. 4.8%
3679 02/29/16 Ta Yang Group Holdings Ltd. -1.9% *
3679 01/15/16 Topsearch International Ltd. -51.3% *
3679 11/27/15 Planar Systems, Inc. 40.0%
3679 10/29/15 Daiwa Associate Holdings Ltd. -74.4% *
3691 08/12/16 Saft Groupe SA 38.3%
37 Transportation Equipment
Range = 5.8% to 288.7% Median = 43.7% Average = 87.4%
3711 05/31/16 Pininfarina SpA -73.0% *
3713 06/06/16 Blue Bird Corp. -2.1% *
3714 09/21/16 Daesung Fine Tech Co. Ltd. 288.7%
3714 06/01/16 Fuel Systems Solutions, Inc. -22.3% *
3714 12/23/15 Automotive Components Europe SA 36.5%
3714 11/10/15 Remy International, Inc. 43.7%
3715 10/07/15 Manac, Inc. (Canada) 5.8%
3724 07/22/16 Kreisler Manufacturing Corp. 62.5%
3728 01/04/16 Breeze-Eastern Corp. -6.6% *
3769 02/04/16 COM DEV International Ltd. -3.0% *
38 Controlling Instruments; Photographic, Medical and Optical Goods; and Clocks
Range = 1.9% to 182.1% Median = 39.9% Average = 47.8%
3812 07/07/16 Orolia SA 21.2%
3823 09/09/16 China Automation Group Ltd. 11.1%
3823 10/15/15 Temasek Holdings (Pte) Ltd. (STATS ChipPAC
Ltd.)
35.1%
3825 06/24/16 Cascade Microtech, Inc. 43.6%
3826 09/19/16 FEI Co. 13.7%
3826 04/29/16 Newport Corp. 52.9%
3826 03/31/16 Affymetrix, Inc. 49.9%
3829 07/18/16 Medtech SAS 61.8%
3841 09/28/16 ETView Medical Ltd. 11.3%
3841 09/07/16 Sequenom, Inc. 182.1%
3841 08/31/16 Prism Medical Ltd. 47.4%
3841 08/23/16 HeartWare International, Inc. 93.5%
3841 07/14/16 Vivoline Medical AB 61.8%
3841 07/13/16 LDR Holding Corp. 63.9%
3841 07/01/16 Symmetry Surgical, Inc. 26.1%
3841 06/30/16 Nanosphere, Inc. 117.9%
Mergerstat Control Premium Study
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38 Controlling Instruments; Photographic, Medical and Optical Goods; and
Clocks (continued)
3841 03/03/16 Mindray Medical International Ltd. 1.9%
3841 02/03/16 Trivascular Technologies, Inc. -3.6% *
3841 10/15/15 Synergetics USA, Inc. 70.8%
3842 07/27/16 Hansen Medical, Inc. 39.9%
3844 09/09/16 American Science & Engineering, Inc. 14.4%
3845 10/19/15 Sorin SpA 32.1%
3845 10/12/15 Lumenis Ltd. 15.9%
3845 10/08/15 Thoratec Corp. 30.1%
39 Miscellaneous Manufacturing
Range = 76.7% to 105.5% Median = 91.1% Average = 91.1%
3944 04/07/16 WiZ Co., Ltd. -64.6% *
3944 04/04/16 LeapFrog Enterprises, Inc. 76.7%
3999 10/14/15 Blyth, Inc. 105.5%
40-47 Transportation
Range = 23.1% to 58.8% Median = 43.7% Average = 42.3%
40 Railroad Transportation
4011 12/30/15 Bangkok Metro Public Co. Ltd. -1.9% *
42 Motor Freight Transportation
Range = 31.6% to 55.5% Median = 33.5% Average = 40.2%
4213 10/30/15 Con-way, Inc. 31.6%
4215 07/04/16 TNT Express NV 33.5%
4225 12/11/15 Less Mess Storage, Inc. 55.5%
44 Water Transportation
Range = 23.1% to 49.5% Median = 38.2% Average = 37.3%
4412 09/02/16 Neptune Orient Lines Ltd. 32.7%
4412 11/30/15 Frontline 2012 Ltd. 49.5%
4482 09/03/16 Mols-Linien A/S 23.1%
4491 02/23/16 Integrax Bhd. 43.8%
Mergerstat Control Premium Study
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47 Transportation Services
Range = 43.7% to 58.8% Median = 50.4% Average = 51.0%
4724 09/21/16 Imperial dd 43.7%
4724 05/19/16 Kuoni Reisen Holding AG 58.8%
4731 01/22/16 UTi Worldwide, Inc. 50.4%
48 Communications
Range = 1.5% to 100.0% Median = 40.4% Average = 43.1%
4812 09/06/16 Alcatel-Lucent SA -1.8% *
4812 12/15/15 Platinum Communications Corp. 100.0%
4813 09/27/16 Polycom, Inc. 15.1%
4813 05/06/16 NTELOS Holdings Corp. 25.3%
4832 09/26/16 Wireless Group PLC 70.3%
4832 12/04/15 NextRadioTV SA 1.5%
4841 09/07/16 TiVo Solutions, Inc. 47.6%
4841 06/21/16 Cablevision Systems Corp. 40.4%
4841 05/18/16 Time Warner Cable, Inc. 49.0%
4899 08/19/16 Xura, Inc. 19.2%
4899 01/31/16 Kuwait Telecommunications Co. 8.7%
4899 11/09/15 Acropolis Telecom SA 97.1%
49 Electric, Gas, and Sanitary Services
Range = 0.0% to 222.5% Median = 26.5% Average = 41.7%
4911 07/01/16 TECO Energy, Inc. 48.3%
4911 04/13/16 Cleco Corporate Holdings LLC 14.7%
4911 03/23/16 Pepco Holdings, Inc. 24.7%
4911 01/22/16 ISAGEN SA 50.5%
4911 12/16/15 UIL Holdings Corp. 10.1%
4922 07/19/16 Niska Gas Storage Partners LLC 222.5%
4922 07/01/16 Columbia Pipeline Group, Inc. 29.1%
4922 02/17/16 Targa Resources Partners LP -64.9% *
4923 09/16/16 Dominion Questar Corp. 22.6%
4924 07/01/16 Southern Company Gas 37.9%
4924 04/08/16 Grupa Duon SA 13.2%
4925 07/01/16 Chubu Gas Co., Ltd. 12.7%
4931 08/08/16 Fersa Energías Renovables SA 20.5%
4931 03/01/16 APR Energy PLC 87.7%
4931 01/06/16 Alkane Energy Ltd. 44.0%
4952 09/16/16 Ovivo, Inc. 28.2%
4953 06/01/16 Progressive Waste Solutions Ltd. -39.1% *
4953 02/29/16 Integrated Waste Solutions Group Holdings Ltd. 0.0%
Mergerstat Control Premium Study
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50-51 Wholesale Trade
Range = 9.4% to 162.8% Median = 78.0% Average = 71.4%
50 Durable goods
Range = 29.4% to 162.8% Median = 100.0% Average = 94.8%
5013 02/04/16 The Pep Boys-Manny Moe & Jack 100.0%
5023 09/01/16 Daiyu Eight Co., Ltd. -19.5% *
5047 12/04/15 Pani Teresa Medica SA -11.0% *
5051 10/05/15 Novo Group Ltd. 162.8%
5063 12/21/15 Oman Cables Industry SAOG 78.0%
5072 06/24/16 Royal Reesink NV 29.4%
5072 05/20/16 RONA, Inc. 103.9%
51 Nondurable Goods
Range = 9.4% to 97.4% Median = 30.9% Average = 42.1%
5122 08/05/16 Meda AB 97.4%
5139 01/14/16 Walker Group Holdings Ltd. 27.1%
5146 08/31/16 Norway Seafoods Group AS -47.4% *
5146 07/22/16 Mareterram Ltd. 9.4%
5169 05/23/16 Airgas, Inc. 34.7%
52-59 Retail Trade
Range = 2.4% to 126.3% Median = 27.1% Average = 40.9%
53 General Merchandise Stores
Range = 12.1% to 37.4% Median = 27.1% Average = 25.5%
5311 03/21/16 Finatis SA (Big C Supercenter Public Co., Ltd.) 27.1%
5311 02/23/16 Starmalls, Inc. -44.9% *
5311 12/10/15 Belk, Inc. 37.4%
5331 04/08/16 Franchise Bancorp, Inc. 12.1%
54 Food Stores
Range = 53.4% to 65.1% Median = 54.5% Average = 57.7%
5411 09/01/16 UNY Group Holdings Co., Ltd. 54.5%
5411 04/27/16 The Fresh Market, Inc. 53.4%
5411 12/18/15 Roundy's Inc. 65.1%
5421 04/05/16 North Asia Strategic Holdings Ltd. -27.9% *
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 16
55 Automotive Dealers and Gasoline Service Stations
5511 07/01/16 Greenland Financial Overseas Investment Group
Co. Ltd. (China Greenland Rundong Auto
Group Ltd.)
48.6%
5511 10/06/15 Johan Holdings Bhd. (Jacks International Ltd.) 90.5%
56 Apparel Stores
Range = 19.1% to 126.3% Median = 67.7% Average = 71.0%
5611 12/10/15 STYLEPIT A/S -9.1% *
5641 09/23/16 FNG Group NV 19.1%
5661 06/15/16 HIMIKO Co., Ltd. 126.3%
5699 12/25/15 Urai Co., Ltd. 67.7%
57 Furniture and Equipment Stores
5712 09/16/16 Mattress Firm Holding Corp. 115.2%
58 Eating and Drinking Places
Range = 2.4% to 24.3% Median = 9.4% Average = 11.4%
5812 09/15/16 U Banquet Group Holding Ltd. 2.4%
5812 04/14/16 Nordic Service Partners Holding AB 24.3%
5812 12/01/15 Ichibanya Co., Ltd. 11.7%
5813 09/14/16 Epicurean & Co. Ltd. 7.1%
59 Miscellaneous Retail
Range = 10.6% to 50.1% Median = 21.0% Average = 25.5%
5912 03/31/16 Aisei Pharmacy Co., Ltd. 21.0%
5961 09/20/16 E-Commerce China Dangdang, Inc. 10.6%
5961 07/15/16 Qihoo 360 Technology Co., Ltd. 16.6%
5961 10/01/15 zulily, Inc. 39.2%
5999 09/07/16 Aayush Food & Herbs Ltd. -61.4% *
5999 09/07/16 Elizabeth Arden, Inc. 50.1%
5999 01/21/16 Liberator Medical Holdings, Inc. 25.9%
5999 12/09/15 Steiner Leisure Ltd. 15.0%
Mergerstat Control Premium Study
3rd Quarter 2016
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60-67 Finance, Insurance, and Real Estate
Range = 0.0% to 498.8% Median = 29.4% Average = 45.9%
60-61 Banking and Credit Agencies
Range = 0.7% to 498.8% Median = 33.7% Average = 45.3%
6021 09/27/16 General Electric Co. (Bank BPH SA) 0.7%
6021 08/16/16 FirstMerit Corp. 34.6%
6021 08/02/16 Prime Pacific Financial Services, Inc. 32.0%
6021 07/29/16 First Niagara Financial Group, Inc. 14.1%
6021 07/08/16 Coast Bancorp (San Luis Obispo, California) 29.0%
6021 07/01/16 1st Century Bancshares, Inc. (California) 40.3%
6021 07/01/16 Harmony Bank Jackson NJ 38.8%
6021 06/15/16 National Bank of Greece SA (Finansbank AS) 5.3%
6021 05/13/16 Fraternity Community Bancorp, Inc. 14.6%
6021 04/01/16 National Penn Bancshares, Inc. 3.8%
6021 04/01/16 The Higashi-Nippon Bank, Ltd. 0.8%
6021 02/19/16 TFC Holding Co. 54.2%
6021 01/08/16 Eureka Financial Corp. 29.5%
6021 11/30/15 FNBPA Bancorp, Inc. 40.3%
6021 11/01/15 Hudson City Bancorp, Inc. 56.4%
6021 10/01/15 The Kagoshima Bank, Ltd. 52.2%
6021 10/01/15 Tri-State 1st Banc, Inc. 36.4%
6022 08/31/16 Cordia Bancorp, Inc. 31.4%
6022 08/31/16 Talmer Bancorp, Inc. 48.8%
6022 07/29/16 Xenith Bankshares, Inc. /Old/ 29.4%
6022 07/21/16 C1 Financial, Inc. 14.0%
6022 07/15/16 Bremen Bancorp, Inc. 32.8%
6022 07/01/16 Cardinal Bankshares Corp. 103.6%
6022 07/01/16 Fox Chase Bancorp, Inc. 12.5%
6022 07/01/16 Tidelands Bancshares, Inc. 103.9%
6022 06/24/16 Monarch Financial Holdings, Inc. 54.0%
6022 06/17/16 Southcoast Financial Corp. 47.5%
6022 06/11/16 Congaree Bancshares, Inc. 31.3%
6022 05/02/16 Cape Bancorp, Inc. 18.7%
6022 04/29/16 Baylake Corp. 39.7%
6022 03/01/16 NewBridge Bancorp 22.0%
6022 03/01/16 River Valley Bancorp (Indiana) 54.0%
6022 02/29/16 County Commerce Bank (California) 27.2%
6022 02/01/16 Orange County Business Bank 26.5%
6022 01/31/16 Security California Bancorp 50.3%
6022 01/29/16 First Mountain Bank (Big Bear Lake, California) 40.4%
6022 01/29/16 Heritage Bankshares, Inc. (Virginia) 27.6%
6022 01/08/16 Hopewell Valley Community Bank 62.3%
6022 01/07/16 Pascack Bancorp, Inc. 51.7%
6022 12/31/15 Pan Pacific Bank 53.2%
6022 12/23/15 Mother Lode Bank 83.3%
Mergerstat Control Premium Study
3rd Quarter 2016
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60-61 Banking and Credit Agencies (continued)
6022 12/11/15 Sutter Community Bank 41.0%
6022 12/04/15 Regal Bancorp, Inc. 498.8%
6022 11/30/15 Premier Valley Bank 10.3%
6022 11/30/15 State Investors Bancorp, Inc. 36.1%
6029 08/31/16 Treasure State Bank 56.2%
6029 03/11/16 Jacksonville Bancorp, Inc. /Florida/ 16.2%
6029 03/01/16 Community Bank of South Florida 64.3%
6035 09/08/16 First Clover Leaf Financial Corp. 31.2%
6035 07/18/16 LaPorte Bancorp, Inc. 15.6%
6035 04/30/16 Pulaski Financial Corp. -3.7% *
6035 12/31/15 Ameriana Bancorp 49.9%
6036 04/30/16 United-American Savings Bank 85.5%
6099 04/22/16 Heartland Payment Systems, Inc. 32.3%
6099 11/12/15 Xoom Corp. 18.7%
6141 01/28/16 Samsung Card Co., Ltd. 12.0%
6141 12/21/15 Neo Oracle Holdings, Inc. (Prime Media
Holdings, Inc.)
-67.3% *
6197 07/21/16 Hwang Capital (Malaysia) Bhd. 19.9%
62 Security and Commodity Brokers and Related Services
Range = 12.1% to 171.1% Median = 48.0% Average = 69.8%
6211 02/16/16 Aroma Enterprises (India) Ltd. 52.2%
6211 12/04/15 Cie Marocaine SA 171.1%
6282 09/09/16 National Holdings Corp. 43.8%
6282 06/13/16 Talanx Asset Management GmbH (C-QUADRAT
Investment AG)
-2.1% *
6282 05/31/16 ECM Libra Financial Group Bhd. 12.1%
6289 09/23/16 BMT Investment Holdings Pte Ltd. (British &
Malayan Trustees Ltd.)
-61.9% *
63-64 Insurance Companies and Agents
Range = 3.4% to 187.8% Median = 35.8% Average = 54.8%
6311 06/20/16 Phoenix Cos., Inc. 187.8%
6311 02/01/16 Symetra Financial Corp. 19.5%
6324 03/24/16 Health Net, Inc. 3.4%
6324 11/09/15 Tempo Participações SA 11.6%
6331 06/03/16 Hanwha General Insurance Co., Ltd. -1.2% *
6351 03/18/16 PartnerRe Ltd. 23.1%
6399 09/21/16 Wema Bank PLC (Great Nigerian Insurance PLC) 126.0%
6399 03/07/16 StanCorp Financial Group, Inc. 48.1%
6399 01/14/16 The Chubb Corp. 35.8%
6399 10/27/15 HCC Insurance Holdings, Inc. 37.6%
Mergerstat Control Premium Study
3rd Quarter 2016
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65 Real Estate
Range = 2.1% to 171.2% Median = 31.6% Average = 45.0%
6512 05/11/16 BR Properties SA 33.0%
6512 11/05/15 Commerzbank AG (CeGeREAL SA) 30.2%
6513 03/02/16 Campus Crest Communities, Inc. 24.2%
6513 12/17/15 Amica Mature Lifestyles, Inc. 113.3%
6519 07/21/16 Land & Leisure A/S 12.0%
6519 02/22/16 Tribona AB 18.3%
6531 09/27/16 Dalian Wanda Commercial Properties Co., Ltd. 44.5%
6531 09/16/16 ISARIA Wohnbau AG 21.6%
6531 09/08/16 Resource America, Inc. 51.4%
6531 08/12/16 E-House (China) Holdings Ltd. 2.1%
6531 07/06/16 Rouse Properties, Inc. 35.3%
6531 06/20/16 Sacyr SA (Testa Inmuebles en Renta SA) 48.7%
6531 06/15/16 Great China Holdings Ltd. 171.2%
6531 10/27/15 Oaktree Capital Group LLC (DO Deutsche Office
AG)
23.6%
6552 08/02/16 China Calxon Group Co., Ltd. -17.2% *
67 Holding Companies and Other Investment Offices
Range = 0.0% to 428.0% Median = 20.7% Average = 43.5%
6712 09/09/16 Your Community Bankshares, Inc. 15.9%
6712 09/06/16 Foundation Bancorp, Inc. (Washington) 27.8%
6712 07/31/16 Delaware Bancshares, Inc. 28.2%
6712 07/01/16 Avenue Financial Holdings, Inc. 51.8%
6712 05/20/16 Cheviot Financial Corp. 3.7%
6712 05/16/16 HF Financial Corp. 24.3%
6712 05/01/16 Anchor BanCorp Wisconsin, Inc. 12.7%
6712 02/13/16 Metro Bancorp, Inc. (Pennsylvania) 13.6%
6712 01/15/16 First National Bankshares Corp. (West Virginia) 92.8%
6712 01/15/16 Naugatuck Valley Financial Corp. 18.8%
6712 01/01/16 First Capital Bancorp, Inc. (Virginia) 17.8%
6712 12/31/15 Citizens National Bank of Meyersdale 131.5%
6712 12/11/15 The First National Bank of Fredericksburg
(Pennsylvania)
174.7%
6712 12/04/15 Oneida Financial Corp. 74.0%
6712 12/01/15 CNLBancshares, Inc. 84.8%
6712 11/02/15 City National Corp. 20.4%
6712 10/31/15 First Security Group, Inc. 2.2%
6712 10/09/15 Alliance Bancorp, Inc. of Pennsylvania 38.3%
6712 10/06/15 Square 1 Financial, Inc. -5.2% *
6719 08/25/16 Select Group Ltd. 23.5%
6719 08/22/16 Halcyon Agri Corp. Ltd. 2.7%
6719 04/21/16 African & Overseas Enterprises Ltd. -4.1% *
6719 01/04/16 KFM Kingdom Holdings Ltd. 7.1%
Mergerstat Control Premium Study
3rd Quarter 2016
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67 Holding Companies and Other Investment Offices (continued)
6719 12/21/15 Alteva, Inc. 31.3%
6719 12/15/15 Berlin IV A/S 37.1%
6719 12/01/15 NCB Holdings Bhd. 0.0%
6726 07/29/16 Dominion Citrus Income Fund 428.0%
6726 06/22/16 Indiabulls Properties Investment Trust 25.6%
6726 06/16/16 Ethane Pipeline Income Fund 27.9%
6726 05/09/16 Nuveen Quality Preferred Income Fund 4.9%
6726 04/25/16 Henderson Global Trust PLC 397.7%
6726 01/15/16 Central GoldTrust 13.2%
6771 08/31/16 Apollo Residential Mortgage, Inc. 34.8%
6771 04/29/16 Capstone Infrastructure Corp. 44.1%
6771 03/18/16 BHF Kleinwort Benson Group SA 20.7%
6792 01/27/16 Maple Leaf Royalties Corp. -33.9% *
6798 09/01/16 Daiwa House REIT Investment Corp. /Old/ 29.3%
6798 09/01/16 Top REIT, Inc. 2.0%
6798 08/19/16 InnVest Real Estate Investment Trust 32.5%
6798 07/12/16 Hatteras Financial Corp. 14.5%
6798 04/06/16 JAVELIN Mortgage Investment Corp. 19.7%
6798 02/29/16 American Residential Properties, Inc. -7.8% *
6798 02/24/16 OUE Commercial Real Estate Investment Trust 26.7%
6798 01/27/16 BioMed Realty Trust, Inc. 20.7%
6798 12/29/15 Aedes SpA (Nova Re SpA) -52.9% *
6798 12/21/15 Fair Value REIT AG 16.1%
6798 12/11/15 Strategic Hotels & Resorts, Inc. 9.3%
6798 11/18/15 Quintain Estates & Development PLC 31.8%
6798 10/30/15 True North Apartment Real Estate Investment
Trust
-5.3% *
6798 10/07/15 Home Properties, Inc. 9.2%
6799 08/23/16 Wong Engineering Corp. Bhd. -7.1% *
6799 08/22/16 First Marblehead Corp. 43.9%
6799 07/26/16 City Developments Ltd. (City e-Solutions Ltd.) 2.9%
6799 06/23/16 Bank Leumi Le-Israel Ltd. (Kenon Holdings Ltd.) 4.3%
6799 06/03/16 Magellan SA 17.3%
6799 04/27/16 DTP SA 16.9%
6799 01/11/16 Fittec International Group Ltd. -26.0% *
6799 01/08/16 Mastercraft International Holdings Ltd. 4.9%
6799 12/18/15 Global Tech Holdings Ltd. -7.2% *
6799 11/13/15 Dual Real Estate Investment SA 5.0%
6799 10/23/15 Home Loan Servicing Solutions Ltd. 20.9%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 21
70-99 Services and Other
Range = 0.3% to 190.9% Median = 31.9% Average = 42.3%
70 Hotels and Lodging Places
Range = 12.8% to 58.3% Median = 21.0% Average = 27.1%
7011 09/23/16 Starwood Hotels & Resorts Worldwide LLC 21.0%
7011 09/02/16 Diamond Resorts International, Inc. 58.3%
7011 07/29/16 Shun Cheong Holdings Ltd. -71.6% *
7011 06/09/16 Bahrain Tourism Co. 24.8%
7011 04/01/16 Homeinns Hotel Group 18.7%
7011 02/08/16 Howard Hotels Ltd. -21.4% *
7011 12/15/15 HomeAway, Inc. 12.8%
73-78 Business Services
Range = 0.3% to 187.5% Median = 32.4% Average = 41.5%
7311 08/09/16 ReachLocal, Inc. 187.5%
7311 08/03/16 Antevenio SA 13.0%
7319 09/27/16 Sizmek, Inc. 46.6%
7331 02/09/16 Constant Contact, Inc. 22.6%
7352 10/28/15 Hasco Medical, Inc. -5.2% *
7359 08/10/16 Electro Rent Corp. 46.9%
7361 07/22/16 USG People NV 30.6%
7361 02/19/16 Proffice AB 25.6%
7371 08/15/16 Wincor Nixdorf AG 28.3%
7371 11/30/15 Industrial & Financial Systems AB 0.3%
7371 11/23/15 Glintt-Global Intelligent Technologies SGPS SA 32.4%
7371 10/27/15 Envivio, Inc. 115.8%
7372 09/30/16 EPIQ Systems, Inc. 45.0%
7372 09/07/16 iDreamSky Technology Ltd. -3.8% *
7372 09/01/16 Hewlett Packard Enterprise Co. (Mphasis Ltd.) -6.2% *
7372 08/22/16 Qlik Technologies, Inc. 26.1%
7372 08/16/16 Marketo, Inc. 9.5%
7372 07/28/16 SciQuest, Inc. 33.8%
7372 07/11/16 Demandware, Inc. 56.3%
7372 07/01/16 Engineering Ingegneria Informatica SpA 14.2%
7372 06/15/16 Gameloft SE 48.1%
7372 06/15/16 International Datacasting Corp. 40.0%
7372 06/14/16 Opower, Inc. 30.4%
7372 05/04/16 Cricket Media Group Ltd. 53.3%
7372 04/27/16 Eighting Co., Ltd. -48.6% *
7372 04/14/16 Diligent Corp. 25.0%
7372 03/22/16 RealD, Inc. 4.1%
7372 03/04/16 Jagged Peak, Inc. 32.0%
7372 03/03/16 Polaris Consulting & Services Ltd. 8.7%
Mergerstat Control Premium Study
3rd Quarter 2016
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73-78 Business Services (continued)
7372 03/03/16 Solera Holdings, Inc. 53.5%
7372 02/23/16 TeleCommunication Systems, Inc. 13.9%
7372 02/05/16 SolarWinds, Inc. 43.5%
7372 01/18/16 NedSense Enterprises NV -20.0% *
7372 12/09/15 ifa systems AG 30.6%
7372 12/08/15 Premiere Global Services, Inc. 25.9%
7372 12/08/15 SE Holdings & Incubations Co., Ltd. (System
Technology-i Co., Ltd.)
0.5%
7372 12/07/15 CTI Group (Holdings), Inc. 85.2%
7372 11/23/15 Daegis, Inc. 102.5%
7372 11/20/15 EXINI Diagnostics AB 93.3%
7372 11/19/15 Yodlee, Inc. 39.6%
7372 10/23/15 Millennial Media, Inc. 20.7%
7372 10/15/15 Medworxx Solutions, Inc. 15.5%
7372 10/12/15 OTCO International Ltd. -70.9% *
7372 10/06/15 Dot Hill Systems Corp. 79.2%
7373 07/29/16 Axia NetMedia Corp. 49.1%
7373 01/11/16 Datacentrix Holdings Ltd. -71.9% *
7373 10/13/15 Merge Healthcare, Inc. 31.8%
7373 10/01/15 Dealertrack Technologies, Inc. 58.7%
7374 01/27/16 MedAssets, Inc. 32.4%
7374 12/03/15 Bit-isle, Inc. 126.5%
7374 11/04/15 WANTED Technologies Corp. 56.3%
7375 07/01/16 United Online, Inc. 6.6%
7375 06/10/16 Textura Corp. 30.7%
7375 05/13/16 Jiayuan.com International Ltd. 66.3%
7375 04/05/16 Youku Tudou, Inc. 35.1%
7375 02/04/16 Domain Extremes, Inc. -96.2% *
7379 06/22/16 GFI Informatique SA 31.6%
7379 05/21/16 Blue Star Infotech Ltd. -1.0% *
7382 05/02/16 The ADT Corp. 56.3%
7389 09/16/16 Imprivata, Inc. 32.8%
7389 08/04/16 Higher One Holdings, Inc. 37.3%
7389 06/22/16 Taomee Holdings Ltd. 26.0%
7389 02/22/16 Spriza, Inc. -87.5% *
7389 01/08/16 Avolon Holdings Ltd. 28.7%
7521 02/19/16 Parking Management Organization, Ltd. 28.4%
7812 08/22/16 DreamWorks Animation SKG, Inc. 51.0%
7822 01/29/16 Rentrak Corp. 1.1%
79 Amusement and Recreation Services
7999 12/08/15 Betting Promotion Sweden AB -17.1% *
7999 11/19/15 Dolphin Cove Ltd. 1.5%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 23
80-82 Health Services
Range = 4.4% to 95.0% Median = 27.1% Average = 35.6%
8011 11/23/15 IPC Healthcare, Inc. 37.3%
8042 10/21/15 Vision Eye Institute Ltd. 19.6%
8051 02/29/16 Message Co., Ltd. 48.7%
8052 10/26/15 Regal Lifestyle Communities, Inc. 27.1%
8071 07/27/16 ExamWorks Group, Inc. 4.4%
8082 09/30/16 USMD Holdings, Inc. 9.3%
8082 02/15/16 Al Noor Hospitals Group PLC 88.9%
8099 03/29/16 Alliance HealthCare Services, Inc. 12.7%
8099 02/02/16 StemLife Bhd. 8.4%
8299 06/03/16 Xueda Education Group 95.0%
8299 12/22/15 SmartPros Ltd. 40.0%
87 Engineering , Accounting, Research and Management
Range = 5.6% to 190.9% Median = 59.1% Average = 71.6%
8711 09/08/16 Ellipsiz Ltd. 5.6%
8711 02/29/16 Furmanite Corp. -24.6% *
8711 02/24/16 Coffey International Ltd. 136.1%
8711 12/07/15 Nga Chun Holdings Co., Ltd. 9.9%
8711 11/30/15 Ballast Nedam NV -75.0% *
8711 10/13/15 Grontmij NV 29.5%
8731 06/22/16 Exiqon A/S 41.7%
8741 09/07/16 Sweett Group PLC 82.6%
8742 05/09/16 Tangent Communications PLC 190.9%
8747 06/27/16 Broadspectrum Ltd. 76.5%
8748 05/11/16 VirtualScopics, Inc. -9.6% *
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 24
Target Name and SIC Number (Domestic)
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
1st Century Bancshares, Inc. (California) 6021 Midland Financial Co. 6035
American Science & Engineering, Inc. 3844 OSI Systems, Inc. 3674
Apollo Residential Mortgage, Inc. 6771 Apollo Commercial Real Estate Finance, Inc. 6798
Avenue Financial Holdings, Inc. 6712 Pinnacle Financial Partners, Inc. 6022
Axiall Corp. 2812 Westlake Chemical Corp. 2869
Bremen Bancorp, Inc. 6022 Stupp Bros. Inc. (Midwest BankCentre, Inc.) 3441
C1 Financial, Inc. 6022 Bank of the Ozarks, Inc. 6022
Cardinal Bankshares Corp. 6022 Grayson Bankshares, Inc. 6021
Ceres, Inc. 0721 Land O'Lakes, Inc. 5143
Coast Bancorp (San Luis Obispo, California) 6021 Sierra Bancorp 6712
Columbia Pipeline Group, Inc. 4922 TransCanada Corp. 4923
Cordia Bancorp, Inc. 6022 First Citizens BancShares, Inc. (North Carolina)
(First-Citizens Bank & Trust Co. (Raleigh,
North Carolina))
6712
Delaware Bancshares, Inc. 6712 Norwood Financial Corp. 6712
Demandware, Inc. 7372 salesforce.com, inc. 7372
Diamond Resorts International, Inc. 7011 Apollo Global Management LLC (Private Equity) 6771
Dominion Questar Corp. 4923 Dominion Resources, Inc. 4911
DreamWorks Animation SKG, Inc. 7812 Comcast Corp. (NBCUniversal Media LLC) 4841
Electro Rent Corp. 7359 Platinum Equity LLC 6771
Elizabeth Arden, Inc. 5999 Revlon, Inc. 2844
EMC Corp. 3572 EMC Corp. /Dell Private Group/ 6799
EPIQ Systems, Inc. 7372 Document Technologies LLC 7338
ExamWorks Group, Inc. 8071 LGP Management, Inc. (Leonard Green &
Partners LP)
6722
Fairchild Semiconductor International, Inc. 3674 ON Semiconductor Corp. 3674
FEI Co. 3826 Thermo Fisher Scientific, Inc. 3826
First Clover Leaf Financial Corp. 6035 First Mid-Illinois Bancshares, Inc. 6712
First Marblehead Corp. 6799 Lobster Point Properties Ltd. (FP Resources USA,
Inc.)
6799
First Niagara Financial Group, Inc. 6021 KeyCorp 6021
FirstMerit Corp. 6021 Huntington Bancshares, Inc. 6021
Foundation Bancorp, Inc. (Washington) 6712 Pacific Continental Corp. 6712
Fox Chase Bancorp, Inc. 6022 Univest Corp. of Pennsylvania 6021
Golden Enterprises, Inc. 2051 UTZ Quality Foods, Inc. 2096
Hansen Medical, Inc. 3842 Auris Surgical Robotics, Inc. 3829
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 25
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
Harmony Bank Jackson NJ 6021 Lakeland Bancorp, Inc. 6022
Hatteras Financial Corp. 6798 Annaly Capital Management, Inc. 6798
HeartWare International, Inc. 3841 Medtronic PLC 3845
Higher One Holdings, Inc. 7389 Blackboard, Inc. 7372
Imprivata, Inc. 7389 Thoma Bravo LLC 6771
Johnson Controls, Inc. 2531 Tyco International PLC 7382
Kreisler Manufacturing Corp. 3724 United Flexible, Inc. 8711
Krispy Kreme Doughnuts, Inc. 2051 JAB Holding Co. SARL (JAB Beech, Inc.) 6719
LaPorte Bancorp, Inc. 6035 Horizon Bancorp (Indiana) 6712
LDR Holding Corp. 3841 Zimmer Biomet Holdings, Inc. 3841
Linn Energy LLC 1311 LinnCo. LLC 1311
Marketo, Inc. 7372 Vista Equity Partners Management LLC 6771
Mattress Firm Holding Corp. 5712 Steinhoff International Holdings NV 5712
Medivation, Inc. 2834 Pfizer Inc. 2834
National Holdings Corp. 6282 Fortress Biotech, Inc. 2834
Niska Gas Storage Partners LLC 4922 Brookfield Infrastructure Partners LP 4939
Nortek, Inc. 3634 Melrose Industries PLC 6799
Outerwall, Inc. 3581 Apollo Global Management LLC (Apollo Global
Management LLC (Private Equity))
6282
Polycom, Inc. 4813 SIRIS Capital Group LLC 6771
Prime Pacific Financial Services, Inc. 6021 Cascade Bancorp 6022
Qlik Technologies, Inc. 7372 Thoma Bravo LLC 6771
QLogic Corp. 3572 Cavium, Inc. 3674
Range Resources - Louisiana, Inc. 1311 Range Resources Corp. 1311
ReachLocal, Inc. 7311 Gannett Co., Inc. 2711
Relypsa, Inc. 2834 Galenica AG 2834
Resource America, Inc. 6531 Island Capital Group LLC (C-III Capital Partners
LLC)
6771
Rouse Properties, Inc. 6531 Brookfield Asset Management, Inc. 6282
Sagent Pharmaceuticals, Inc. 2834 Nichi-Iko Pharmaceutical Co., Ltd. (Shepard
Vision, Inc.)
2834
SciQuest, Inc. 7372 Accel Partners LLC / Kohlberg Kravis Roberts &
Co. LP (Accel-KKR LLC)
6771
Sequenom, Inc. 3841 Laboratory Corp. of America Holdings 8071
Sizmek, Inc. 7319 Vector Capital Management LP 6771
Southern Company Gas 4924 The Southern Co. 4911
Starwood Hotels & Resorts Worldwide LLC 7011 Marriott International, Inc. 7011
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 26
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
Symmetry Surgical, Inc. 3841 Roundtable Healthcare Management, Inc. 6771
Talmer Bancorp, Inc. 6022 Chemical Financial Corp. 6022
TECO Energy, Inc. 4911 Emera, Inc. 4911
Tidelands Bancshares, Inc. 6022 United Community Banks, Inc. 6022
TiVo Solutions, Inc. 4841 Rovi Corp. 6794
Treasure State Bank 6029 Glacier Bancorp, Inc. 6029
Tumi Holdings, Inc. 3161 Samsonite International SA 3161
United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 3672 Suzhou Dongshan Precision Manufacturing Co.
Ltd.
3444
United Online, Inc. 7375 B. Riley Financial, Inc. (B. Riley & Co. LLC) 6211
USMD Holdings, Inc. 8082 UnitedHealth Group, Inc. (WellMed Medical
Management, Inc.)
6324
Xenith Bankshares, Inc. /Old/ 6022 Xenith Bankshares, Inc. 6022
XenoPort, Inc. 2834 Arbor Pharmaceuticals LLC 2834
Xura, Inc. 4899 SIRIS Capital Group LLC 6771
Your Community Bankshares, Inc. 6712 WesBanco, Inc. 6022
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 27
Target Name and SIC Number (International)
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
Aayush Food & Herbs Ltd. 5999 Aayush Food & Herbs Ltd. /Mittal/ 6799
Agalawatte Plantations PLC 2099 Browns Capital PLC (Browns Power Holdings (Pvt)
Ltd.)
6799
Aker ASA (Havfisk ASA) 0912 Lerøy Seafood Group ASA 0273
Alcatel-Lucent SA 4812 Nokia Oyj 3663
Alpargatas SA 3021 J&F Investimentos SA 5147
Aluminium Co. of Malaysia Bhd. 3353 Towerpack Sdn. Bhd. 6799
Antevenio SA 7311 Inversiones y Servicios Publicitarios SL 8742
Axia NetMedia Corp. 7373 Partners Group (Private Equity) 6771
Bankers Petroleum Ltd. 1382 Geo-Jade Petroleum Corp. 1311
BMT Investment Holdings Pte Ltd. (British &
Malayan Trustees Ltd.)
6289 The Nyalas Rubber Estates Ltd. (Emerald-Hill
Investments Pte Ltd.)
6799
China Automation Group Ltd. 3823 Araco Investment Ltd 6282
China Calxon Group Co., Ltd. 6552 China Evergrande Group (Hengda Real Estate Group
Co. Ltd.)
6552
China Smarter Energy Group Holdings Ltd. 2371 Gorgeous Investment Group Holding Co., Ltd. 6799
Chubu Gas Co., Ltd. 4925 Sala Corp. 5984
City Developments Ltd. (City e-Solutions Ltd.) 6799 Ningxia Tianyuan Manganese Industry Co., Ltd.
(China Tian Yuan Manganese Ltd.)
3399
Daesung Fine Tech Co. Ltd. 3714 Daesung Fine Tech Co,. Ltd. /Private Group/ 6799
Daiwa House REIT Investment Corp. /Old/ 6798 Daiwa House REIT Investment Corp. 6798
Daiyu Eight Co., Ltd. 5023 LIC Co., Ltd. 5211
Dalian Wanda Commercial Properties Co., Ltd. 6531 Dalian Hexing Investment Co. Ltd. (Dalian Wanda
Group Co., Ltd.)
6799
Dominion Citrus Income Fund 6726 Dominion Citrus Income Fund /Scarafile/ 6799
E-Commerce China Dangdang, Inc. 5961 E-Commerce China Dangdang, Inc. /Management/ 6799
E-House (China) Holdings Ltd. 6531 E-House (China) Holdings Ltd. /Private Group/ 6799
Ellipsiz Ltd. 8711 Bevrian Pte Ltd. 6799
Engineering Ingegneria Informatica SpA 7372 Apax Partners LLP / Neuberger Berman Group LLC 6282
Epicurean & Co. Ltd. 5813 Win Union Investment Ltd. 6799
ETView Medical Ltd. 3841 Ambu A/S 3841
Excel Crop Care Ltd. 2879 Sumitomo Chemical Co., Ltd. (Sumitomo Chemical
India Pvt Ltd.)
2869
Fersa Energías Renovables SA 4931 Excelsior Times SL (Audax Energía SA) 7322
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 28
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
FNG Group NV 5641 R&S Retail Group NV 5621
Gas Natural SDG SA (Gasco SA) 1321 Gasco SA /Private Group/ 6799
General Electric Co. (Bank BPH SA) 6021 Alior Bank SA 6021
Glory Mark Hi-Tech (Holdings) Ltd. 3572 Wise Thinker Holdings Ltd. (PT Design Group
Holdings Ltd.)
6799
Grand Concord International Holdings Ltd. 2258 Wintime Technology Investment Co. Ltd. (Junfun
Investment Ltd.)
6282
Greenland Financial Overseas Investment Group Co.
Ltd. (China Greenland Rundong Auto Group Ltd.)
5511 Rundong Fortune Investment Ltd. 6799
Halcyon Agri Corp. Ltd. 6719 Sinochem International Corp. (Sinochem International
(Overseas) Pte Ltd.)
5191
Hawk Exploration Ltd. 1311 Kaisen Energy Corp. 7389
Hewlett Packard Enterprise Co. (Mphasis Ltd.) 7372 The Blackstone Group LP 6282
Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 1021 Metals X Ltd. 1099
Hwang Capital (Malaysia) Bhd. 6197 Hwang Capital (Malaysia) Bhd. /Private Group/ 6799
iDreamSky Technology Ltd. 7372 iDreamSky Technology Ltd. /Private Group/ 6799
Imperial dd 4724 Imperial dd /Private Group/ 6799
Industria Textil Piura SA 2281 Axxion Asset Management SAC 6719
InnVest Real Estate Investment Trust 6798 Bluesky Hotels & Resorts, Inc. 7011
ISARIA Wohnbau AG 6531 Lone Star Global Acquisitions Ltd. (LSREF4 ARIA
Beteiligungs GmbH & Co. KG)
6282
Land & Leisure A/S 6519 Axel Springer SE (@Leisure Holding BV) 2711
Lentex SA (Novita SA) 2297 Vaporjet Ltd. 2297
Mareterram Ltd. 5146 Brimstone Investment Corp. Ltd. (Sea Harvest
Holdings Pty Ltd.)
6799
Meda AB 5122 Mylan NV 2834
Medtech SAS 3829 Zimmer Biomet Holdings, Inc. 3841
Migao Corp. 1479 2521416 Ontario, Inc. 6282
Mols-Linien A/S 4482 Polaris Management A/S 6771
Neptune Orient Lines Ltd. 4412 CMA CGM SA 4491
Norway Seafoods Group AS 5146 Austevoll Seafood ASA (Lerøy Seafood Group ASA) 0912
Orolia SA 3812 Eurazeo SA (Eurazeo PME SA) 6771
Ovivo, Inc. 4952 The Caisse de dépôt et placement du Québec / SKion
GmbH
6719
Prism Medical Ltd. 3841 Handicare Group AB 3841
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 29
Target Name
Target
SIC Acquirer Name
Acquirer
SIC
Qihoo 360 Technology Co., Ltd. 5961 Qihoo 360 Technology Co. Ltd. /Private Group/ 6799
QTC Energy PCL 3677 QTC Energy PCL /Private Group/ 6799
Raimount Energy, Inc. 1382 Manitok Energy, Inc. (1977746 Alberta, Inc.) 1311
Rock Energy, Inc. 1311 Raging River Exploration, Inc. 1311
RR Media Ltd. 3663 SES SA 4813
Saft Groupe SA 3691 Total SA 1311
Sala House Co., Ltd. 1521 Sala Corp. 5984
Select Group Ltd. 6719 International Culinary Management Ltd. 6799
Shun Cheong Holdings Ltd. 7011 Titan Gas Holdings Ltd (Titan Gas Technology Investment
Ltd.)
6719
SMART Technologies, Inc. 3577 Hon Hai Precision Industry Co., Ltd. (Foxconn Singapore
Pte Ltd.)
3678
Société des Produits Marnier Lapostolle SA 2085 Davide Campari-Milano SpA 2085
Striker Exploration Corp. 1382 Gear Energy Ltd. 1382
Superglass Holdings PLC 3296 Inflection Management Corp. Ltd. 6799
Sweett Group PLC 8741 Dar AL Handasah Consultants Shair & Partners
(Currie & Brown Holdings Ltd.)
8742
Takson Holdings Ltd. 2299 Shanghai Guoming Equity Investment Fund Management
Co. Ltd. (State Energy HK Ltd.)
6799
TNT Express NV 4215 FedEx Corp. 4215
Top REIT, Inc. 6798 Nomura Real Estate Master Fund, Inc. /3462/ 6798
Toyo Seikan Group Holdings Ltd. (Malaysia Packaging Industry Bhd.)
2671 Taisei Lamick Co., Ltd. 2671
U Banquet Group Holding Ltd. 5812 U Banquet Group Holding Ltd. /Private Group/ 6799
UNY Group Holdings Co., Ltd. 5411 FamilyMart Co., Ltd. /Old/ 5411
USG People NV 7361 Recruit Holdings Co., Ltd. 7361
Vivoline Medical AB 3841 Xvivo Perfusion AB 3841
Wema Bank PLC (Great Nigerian Insurance PLC) 6399 Insurance Resourcery Consultancy Services Ltd. 6411
Wincor Nixdorf AG 7371 Diebold, Inc. 3578
Wireless Group PLC 4832 News Corp. (News Corp. UK & Ireland Ltd.) 2711
Wong Engineering Corp. Bhd. 6799 Wong Engineering Corp. Bhd. /Private Group/ 3469
Yageo Corp. (Luminous Town Electric Co., Ltd.) 3675 Man Yue Technology Holdings Ltd. (High Merit Group
Ltd.)
3679
Yoho Resources, Inc. 1381 One Stone Partners LLC 6282
Yuhua Energy Holdings Ltd. 3651 Yuhua Energy Holdings Ltd. /Caihuo/ 6799
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 30
Announce & Closing Dates, Total Deal Value (Domestic)
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
1st Century Bancshares, Inc. (California) 03/10/16 07/01/16 116.0 1.00 0.0 100.0
American Science & Engineering, Inc. 06/21/16 09/09/16 264.1 1.00 0.0 100.0
Apollo Residential Mortgage, Inc. 02/26/16 08/31/16 435.9 1.00 0.0 100.0
Avenue Financial Holdings, Inc. 01/28/16 07/01/16 204.1 1.00 0.0 100.0
Axiall Corp. 01/29/16 08/31/16 2,334.2 1.00 0.0 100.0
Bremen Bancorp, Inc. 03/14/16 07/15/16 13.0 1.00 0.0 100.0
C1 Financial, Inc. 11/09/15 07/21/16 379.9 1.00 0.0 100.0
Cardinal Bankshares Corp. 11/08/15 07/01/16 27.5 1.00 0.0 100.0
Ceres, Inc. 06/17/16 08/01/16 11.1 1.00 0.0 100.0
Coast Bancorp (San Luis Obispo, California) 01/04/16 07/08/16 12.3 1.00 0.0 100.0
Columbia Pipeline Group, Inc. 03/17/16 07/01/16 10,210.4 1.00 0.0 100.0
Cordia Bancorp, Inc. 05/20/16 08/31/16 35.0 1.00 0.0 100.0
Delaware Bancshares, Inc. 03/10/16 07/31/16 15.9 1.00 0.0 100.0
Demandware, Inc. 06/01/16 07/11/16 2,865.6 1.00 0.0 100.0
Diamond Resorts International, Inc. 06/29/16 09/02/16 2,110.5 1.00 0.0 100.0
Dominion Questar Corp. 02/01/16 09/16/16 4,386.0 1.00 0.0 100.0
DreamWorks Animation SKG, Inc. 04/28/16 08/22/16 3,554.9 1.00 0.0 100.0
Electro Rent Corp. 05/31/16 08/10/16 375.1 1.00 0.0 100.0
Elizabeth Arden, Inc. 06/16/16 09/07/16 421.6 1.00 0.0 100.0
EMC Corp. 10/12/15 09/07/16 64,869.3 1.00 0.0 100.0
EPIQ Systems, Inc. 07/27/16 09/30/16 629.1 1.00 0.0 100.0
ExamWorks Group, Inc. 04/27/16 07/27/16 1,463.4 1.00 0.0 100.0
Fairchild Semiconductor International, Inc. 11/18/15 09/19/16 2,292.9 1.00 0.0 100.0
FEI Co. 05/27/16 09/19/16 4,409.2 1.00 0.0 100.0
First Clover Leaf Financial Corp. 04/26/16 09/08/16 88.3 1.00 0.0 100.0
First Marblehead Corp. 03/25/16 08/22/16 50.3 1.00 14.9 100.0
First Niagara Financial Group, Inc. 10/30/15 07/29/16 3,639.6 1.00 0.0 100.0
FirstMerit Corp. 01/26/16 08/16/16 3,604.5 1.00 0.0 100.0
Foundation Bancorp, Inc. (Washington) 04/26/16 09/06/16 46.4 1.00 0.0 100.0
Fox Chase Bancorp, Inc. 12/08/15 07/01/16 243.3 1.00 0.0 100.0
Golden Enterprises, Inc. 07/19/16 09/30/16 135.5 1.00 0.0 100.0
Hansen Medical, Inc. 04/20/16 07/27/16 76.0 1.00 0.0 100.0
Harmony Bank Jackson NJ 02/18/16 07/01/16 34.3 1.00 0.0 100.0
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 31
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
Hatteras Financial Corp. 04/11/16 07/12/16 1,543.1 1.00 0.0 100.0
HeartWare International, Inc. 06/27/16 08/23/16 1,018.6 1.00 0.0 100.0
Higher One Holdings, Inc. 06/30/16 08/04/16 250.7 1.00 0.0 100.0
Imprivata, Inc. 07/13/16 09/16/16 489.1 1.00 0.0 100.0
Johnson Controls, Inc. 01/25/16 09/02/16 22,244.6 1.00 0.0 100.0
Kreisler Manufacturing Corp. 05/23/16 07/22/16 34.0 1.00 0.0 100.0
Krispy Kreme Doughnuts, Inc. 05/09/16 07/27/16 1,281.3 1.00 0.0 100.0
LaPorte Bancorp, Inc. 03/10/16 07/18/16 94.2 1.00 0.0 100.0
LDR Holding Corp. 06/07/16 07/13/16 1,084.7 1.00 0.0 100.0
Linn Energy LLC 03/22/16 08/01/16 7.8 1.00 36.9 71.8
Marketo, Inc. 05/31/16 08/16/16 1,590.7 1.00 0.0 100.0
Mattress Firm Holding Corp. 08/07/16 09/16/16 2,382.6 1.00 0.0 100.0
Medivation, Inc. 08/22/16 09/28/16 13,527.5 1.00 0.0 100.0
National Holdings Corp. 04/28/16 09/09/16 21.9 1.00 0.0 54.0
Niska Gas Storage Partners LLC 06/14/15 07/19/16 160.5 1.00 0.0 100.0
Nortek, Inc. 07/06/16 08/31/16 1,376.7 1.00 0.0 100.0
Outerwall, Inc. 07/25/16 09/27/16 895.2 1.00 0.0 100.0
Polycom, Inc. 07/08/16 09/27/16 1,697.6 1.00 0.0 100.0
Prime Pacific Financial Services, Inc. 04/26/16 08/02/16 16.5 1.00 0.0 100.0
Qlik Technologies, Inc. 06/02/16 08/22/16 2,894.9 1.00 0.0 100.0
QLogic Corp. 06/15/16 08/16/16 1,362.0 1.00 0.0 100.0
Range Resources - Louisiana, Inc. 05/16/16 09/16/16 3,041.8 1.00 0.0 100.0
ReachLocal, Inc. 06/27/16 08/09/16 138.5 1.00 0.0 100.0
Relypsa, Inc. 07/21/16 09/01/16 1,436.2 1.00 0.0 100.0
Resource America, Inc. 05/23/16 09/08/16 203.3 1.00 0.0 100.0
Rouse Properties, Inc. 01/19/16 07/06/16 703.6 1.00 33.4 100.0
Sagent Pharmaceuticals, Inc. 07/11/16 08/29/16 715.8 1.00 0.0 100.0
SciQuest, Inc. 05/31/16 07/28/16 469.1 1.00 4.9 100.0
Sequenom, Inc. 07/27/16 09/07/16 286.2 1.00 0.0 100.0
Sizmek, Inc. 08/03/16 09/27/16 113.6 1.00 0.0 100.0
Southern Company Gas 08/24/15 07/01/16 7,964.9 1.00 0.0 100.0
Starwood Hotels & Resorts Worldwide LLC 11/16/15 09/23/16 13,021.4 1.00 0.0 100.0
Symmetry Surgical, Inc. 05/02/16 07/01/16 140.7 1.00 0.0 100.0
Talmer Bancorp, Inc. 01/26/16 08/31/16 1,599.9 1.00 0.0 100.0
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 32
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
TECO Energy, Inc. 09/04/15 07/01/16 6,489.4 1.00 0.0 100.0
Tidelands Bancshares, Inc. 04/04/16 07/01/16 2.2 1.00 0.0 100.0
TiVo Solutions, Inc. 04/29/16 09/07/16 1,138.8 1.00 0.0 100.0
Treasure State Bank 04/20/16 08/31/16 14.3 1.00 0.0 100.0
Tumi Holdings, Inc. 03/03/16 08/01/16 1,809.9 1.00 0.0 100.0
United Engineers Ltd. (Multi-Fineline
Electronix, Inc.)
02/04/16 07/27/16 590.0 1.00 0.0 100.0
United Online, Inc. 11/16/15 07/01/16 147.4 1.00 10.6 100.0
USMD Holdings, Inc. 08/29/16 09/30/16 254.5 1.00 0.0 100.0
Xenith Bankshares, Inc. /Old/ 02/10/16 07/29/16 114.2 1.00 0.0 100.0
XenoPort, Inc. 05/23/16 07/01/16 448.9 1.00 0.0 100.0
Xura, Inc. 05/23/16 08/19/16 628.5 1.00 0.0 100.0
Your Community Bankshares, Inc. 05/03/16 09/09/16 251.4 1.00 0.0 100.0
Mergerstat Control Premium Study
3rd Quarter 2016
* Values are in U.S. Dollars, see page 63-66 for currency denomination of exchange rates.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 33
Announce & Closing Dates, Total Deal Value (International) *
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. Of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
Aayush Food & Herbs Ltd. 03/17/16 09/07/16 0.1 0.02 46.2 62.1
Agalawatte Plantations PLC 07/14/16 07/14/16 2.1 0.007 0.0 60.8
Aker ASA (Havfisk ASA) 06/02/16 08/31/16 238.6 0.12 0.0 64.4
Alcatel-Lucent SA 04/14/15 09/06/16 10,636.2 1.12 0.0 95.3
Alpargatas SA 12/23/15 09/30/16 153.7 0.31 44.1 54.2
Aluminium Co. of Malaysia Bhd. 08/18/16 09/30/16 11.5 0.24 0.0 59.2
Antevenio SA 08/03/16 08/03/16 3.4 1.12 38.9 50.7
Axia NetMedia Corp. 03/09/16 07/29/16 208.2 0.77 0.0 100.0
Bankers Petroleum Ltd. 03/20/16 09/29/16 439.3 0.76 0.0 100.0
BMT Investment Holdings Pte Ltd. (British &
Malayan Trustees Ltd.)
05/13/16 09/23/16 6.5 0.74 19.9 62.9
China Automation Group Ltd. 06/24/16 09/09/16 46.6 0.15 44.7 74.5
China Calxon Group Co., Ltd. 04/24/16 08/02/16 543.6 0.15 0.0 52.8
China Smarter Energy Group Holdings Ltd. 08/19/16 08/25/16 172.0 0.13 0.0 51.7
Chubu Gas Co., Ltd. 04/06/16 07/01/16 118.7 0.010 0.1 100.0
City Developments Ltd. (City e-Solutions
Ltd.)
07/22/16 07/26/16 73.0 0.13 0.0 52.5
Daesung Fine Tech Co. Ltd. 08/03/16 09/21/16 44.6 0.0009 0.0 61.9
Daiwa House REIT Investment Corp. /Old/ 04/15/16 09/01/16 2,181.4 0.010 0.0 100.0
Daiyu Eight Co., Ltd. 01/21/16 09/01/16 56.6 0.010 0.0 100.0
Dalian Wanda Commercial Properties Co.,
Ltd.
03/30/16 09/27/16 4,294.9 0.15 43.7 58.0
Dominion Citrus Income Fund 01/12/16 07/29/16 8.3 0.77 0.0 100.0
E-Commerce China Dangdang, Inc. 07/09/15 09/20/16 326.9 0.15 36.3 100.0
E-House (China) Holdings Ltd. 06/09/15 08/12/16 508.1 0.15 44.9 100.0
Ellipsiz Ltd. 07/07/16 09/08/16 28.1 0.74 34.1 93.6
Engineering Ingegneria Informatica SpA 12/02/15 07/01/16 511.5 1.11 44.3 100.0
Epicurean & Co. Ltd. 09/14/16 09/14/16 21.9 0.13 0.0 50.5
ETView Medical Ltd. 06/22/16 09/28/16 13.9 0.27 0.0 100.0
Excel Crop Care Ltd. 06/05/16 09/09/16 41.5 0.01 45.0 65.0
Fersa Energías Renovables SA 05/19/16 08/08/16 54.9 1.11 0.0 70.9
Mergerstat Control Premium Study
3rd Quarter 2016
* Values are in U.S. Dollars, see page 63-66 for currency denomination of exchange rates.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 34
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. Of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
FNG Group NV 03/25/16 09/23/16 157.4 1.12 0.0 100.0
Gas Natural SDG SA (Gasco SA) 12/18/15 08/05/16 309.7 0.002 22.2 94.1
General Electric Co. (Bank BPH SA) 07/11/16 09/27/16 413.1 0.26 0.0 66.0
Glory Mark Hi-Tech (Holdings) Ltd. 07/22/15 09/08/16 31.7 0.13 0.0 53.4
Grand Concord International Holdings Ltd. 07/27/16 07/29/16 49.6 0.13 0.0 58.7
Greenland Financial Overseas Investment
Group Co. Ltd. (China Greenland
Rundong Auto Group Ltd.)
07/01/16 07/01/16 177.4 0.15 30.0 60.0
Halcyon Agri Corp. Ltd. 03/28/16 08/22/16 118.9 0.74 30.1 65.7
Hawk Exploration Ltd. 06/01/16 07/14/16 2.8 0.77 0.0 100.0
Hewlett Packard Enterprise Co. (Mphasis
Ltd.)
04/04/16 09/01/16 815.8 0.01 0.0 60.5
Hindalco Industries Ltd. (Aditya Birla
Minerals Ltd.)
10/15/15 08/03/16 108.7 0.76 0.0 100.0
Hwang Capital (Malaysia) Bhd. 05/23/16 07/21/16 56.4 0.25 30.6 64.3
iDreamSky Technology Ltd. 06/15/15 09/07/16 590.8 0.15 22.1 100.0
Imperial dd 07/05/16 09/21/16 38.7 0.15 0.0 50.8
Industria Textil Piura SA 07/01/16 08/05/16 0.2 0.30 0.0 69.2
InnVest Real Estate Investment Trust 05/11/16 08/19/16 756.8 0.78 0.0 100.0
ISARIA Wohnbau AG 06/17/16 09/16/16 110.3 1.12 0.0 92.4
Land & Leisure A/S 05/25/16 07/21/16 51.6 0.15 0.0 76.0
Lentex SA (Novita SA) 06/07/16 08/01/16 21.4 0.26 0.0 63.2
Mareterram Ltd. 04/08/16 07/22/16 12.6 0.74 19.9 55.9
Meda AB 02/10/16 08/05/16 6,991.2 0.12 0.0 100.0
Medtech SAS 07/18/16 07/18/16 77.8 1.11 0.0 58.8
Migao Corp. 06/07/16 09/06/16 20.2 0.78 34.2 100.0
Mols-Linien A/S 07/03/15 09/03/16 51.1 0.15 30.0 90.0
Neptune Orient Lines Ltd. 11/07/15 09/02/16 2,488.8 0.74 0.0 100.0
Norway Seafoods Group AS 06/02/16 08/31/16 7.5 0.12 0.0 73.6
Orolia SA 02/11/16 07/07/16 78.0 1.11 0.0 93.8
Ovivo, Inc. 07/13/16 09/16/16 108.5 0.76 18.7 100.0
Prism Medical Ltd. 06/27/16 08/31/16 52.7 0.76 0.0 100.0
Qihoo 360 Technology Co., Ltd. 06/17/15 07/15/16 6,951.8 0.15 26.8 100.0
QTC Energy PCL 06/21/16 08/02/16 22.3 0.03 25.9 63.0
Mergerstat Control Premium Study
3rd Quarter 2016
* Values are in U.S. Dollars, see page 63-66 for currency denomination of exchange rates.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 35
Target Name
Announce
Date Close Date
Target
Market Value
of Equity
($Mil)
Currency
Exchange
Rate
Pctg. Of
Common
Previously
Held by Acq.
Pctg. Of
Common
Held by Acq.
After Trans.
Raimount Energy, Inc. 06/29/16 08/19/16 4.2 0.78 0.0 100.0
Rock Energy, Inc. 05/31/16 07/21/16 31.3 0.77 0.0 100.0
RR Media Ltd. 02/26/16 07/06/16 234.6 0.26 0.0 100.0
Saft Groupe SA 05/09/16 08/12/16 1,059.4 1.12 0.0 100.0
Sala House Co., Ltd. 04/06/16 07/01/16 37.8 0.010 0.0 100.0
Select Group Ltd. 03/23/16 08/25/16 24.4 0.74 34.9 79.1
Shun Cheong Holdings Ltd. 07/09/15 07/29/16 15.1 0.13 0.0 50.4
SMART Technologies, Inc. 05/26/16 09/14/16 54.7 0.76 0.0 100.0
Société des Produits Marnier Lapostolle SA 03/15/16 07/14/16 402.0 1.11 47.1 100.0
Striker Exploration Corp. 06/07/16 07/27/16 34.6 0.76 0.0 100.0
Superglass Holdings PLC 07/22/16 09/15/16 11.5 1.32 0.0 100.0
Sweett Group PLC 06/24/16 09/07/16 38.5 1.33 0.0 100.0
Takson Holdings Ltd. 09/23/16 09/23/16 62.8 0.13 0.0 66.4
TNT Express NV 04/07/15 07/04/16 4,890.7 1.11 0.0 100.0
Top REIT, Inc. 05/26/16 09/01/16 762.7 0.010 0.0 100.0
Toyo Seikan Group Holdings Ltd. (Malaysia
Packaging Industry Bhd.)
07/29/16 09/29/16 0.9 0.24 0.0 55.0
U Banquet Group Holding Ltd. 09/15/16 09/15/16 48.1 0.13 0.0 62.2
UNY Group Holdings Co., Ltd. 03/10/15 09/01/16 2,272.5 0.010 0.0 100.0
USG People NV 12/22/15 07/22/16 1,558.3 1.10 0.0 100.0
Vivoline Medical AB 04/18/16 07/14/16 17.3 0.12 0.0 100.0
Wema Bank PLC (Great Nigerian Insurance
PLC)
08/22/16 09/21/16 10.3 0.003 0.0 75.0
Wincor Nixdorf AG 10/17/15 08/15/16 1,666.5 1.12 0.0 100.0
Wireless Group PLC 06/30/16 09/26/16 280.6 1.30 0.0 100.0
Wong Engineering Corp. Bhd. 08/23/16 08/23/16 6.4 0.25 10.5 53.6
Yageo Corp. (Luminous Town Electric Co.,
Ltd.)
06/07/16 09/29/16 3.4 0.03 43.2 58.9
Yoho Resources, Inc. 07/19/16 09/07/16 22.5 0.78 0.0 100.0
Yuhua Energy Holdings Ltd. 05/23/16 08/04/16 26.3 0.13 30.5 58.9
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in U.S. Dollars..
www.mergerstat.com 36
Purchase Price/Share – Mergerstat Unaffected Price (Domestic) *
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
1st Century Bancshares, Inc. (California) 11.22 8.00 8.00 8.00 8.96 7.38
American Science & Engineering, Inc. 37.00 32.34 32.34 31.82 30.05 28.53
Apollo Residential Mortgage, Inc. 13.67 10.14 10.14 9.93 10.47 12.87
Avenue Financial Holdings, Inc. 20.03 13.20 13.20 13.26 14.12 13.98
Axiall Corp. 33.00 9.80 9.80 9.60 15.44 20.76
Bremen Bancorp, Inc. 93.93 70.75 70.75 70.75 70.75 70.75
C1 Financial, Inc. 23.59 20.70 20.70 20.92 19.75 18.54
Cardinal Bankshares Corp. 17.94 8.81 8.81 9.00 8.98 9.20
Ceres, Inc. 0.40 0.22 0.22 0.25 0.19 0.23
Coast Bancorp (San Luis Obispo, California) 2.19 1.70 1.70 1.70 1.70 1.95
Columbia Pipeline Group, Inc. 25.50 19.75 23.00 21.43 17.46 17.10
Cordia Bancorp, Inc. 5.15 3.92 3.92 3.87 3.93 4.10
Delaware Bancshares, Inc. 17.22 13.43 13.43 13.43 13.10 13.03
Demandware, Inc. 75.00 47.99 47.99 45.07 46.08 38.00
Diamond Resorts International, Inc. 30.25 19.11 24.07 24.59 23.34 21.21
Dominion Questar Corp. 25.00 20.39 20.39 18.95 19.48 19.07
DreamWorks Animation SKG, Inc. 41.00 27.15 32.20 27.01 24.73 24.90
Electro Rent Corp. 15.50 10.55 10.55 10.54 10.01 9.26
Elizabeth Arden, Inc. 14.00 9.33 9.33 9.54 9.65 9.79
EMC Corp. 33.15 26.85 27.86 25.31 24.60 26.38
EPIQ Systems, Inc. 16.50 11.38 14.42 14.80 14.07 14.78
ExamWorks Group, Inc. 35.05 33.57 33.57 33.47 27.98 29.24
Fairchild Semiconductor International, Inc. 20.00 14.14 17.88 17.71 16.55 13.73
FEI Co. 107.50 94.58 94.58 88.31 90.90 86.55
First Clover Leaf Financial Corp. 12.60 9.60 9.60 9.70 9.33 9.40
First Marblehead Corp. 5.05 3.51 3.56 3.56 3.25 3.97
First Niagara Financial Group, Inc. 10.22 8.96 10.38 10.64 10.21 9.16
FirstMerit Corp. 21.65 16.08 15.37 16.11 19.02 20.34
Foundation Bancorp, Inc. (Washington) 12.98 10.15 10.15 9.95 9.55 9.55
Fox Chase Bancorp, Inc. 20.67 18.38 18.38 18.39 17.65 17.89
Golden Enterprises, Inc. 12.00 7.50 7.50 7.39 6.71 5.65
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in U.S. Dollars..
www.mergerstat.com 37
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
Hansen Medical, Inc. 4.00 2.86 2.86 3.05 2.65 2.61
Harmony Bank Jackson NJ 14.23 10.25 10.25 10.25 10.25 10.00
Hatteras Financial Corp. 16.33 14.26 14.26 14.25 14.19 11.87
HeartWare International, Inc. 58.00 29.98 29.98 32.09 29.08 34.30
Higher One Holdings, Inc. 5.15 3.75 3.75 3.73 3.78 3.79
Imprivata, Inc. 19.25 14.50 14.50 13.96 14.00 12.50
Johnson Controls, Inc. 34.88 35.60 35.60 34.71 40.50 45.47
Kreisler Manufacturing Corp. 18.00 11.08 11.08 10.89 10.70 9.73
Krispy Kreme Doughnuts, Inc. 21.00 16.86 16.86 17.34 15.95 15.13
LaPorte Bancorp, Inc. 16.88 14.60 14.60 14.45 14.55 15.29
LDR Holding Corp. 37.00 22.58 22.58 21.03 26.14 26.51
Linn Energy LLC 0.06 0.60 0.60 0.68 0.51 1.28
Marketo, Inc. 35.25 32.20 32.20 28.74 21.99 19.57
Mattress Firm Holding Corp. 64.00 29.74 29.31 29.84 31.32 34.04
Medivation, Inc. 81.50 57.80 67.16 65.30 62.63 58.89
National Holdings Corp. 3.25 2.26 2.26 2.30 2.50 2.48
Niska Gas Storage Partners LLC 4.23 1.31 1.40 1.54 2.00 2.20
Nortek, Inc. 86.00 62.49 62.49 55.17 49.39 46.90
Outerwall, Inc. 52.00 34.39 46.91 45.83 43.40 40.17
Polycom, Inc. 12.50 10.86 10.87 11.17 12.08 11.44
Prime Pacific Financial Services, Inc. 1.72 1.31 1.31 1.29 1.29 1.33
Qlik Technologies, Inc. 30.50 24.19 28.97 31.61 31.46 28.95
QLogic Corp. 16.09 13.67 13.67 13.82 13.13 13.35
Range Resources - Louisiana, Inc. 14.76 13.45 13.45 11.86 12.77 9.85
ReachLocal, Inc. 4.60 1.60 1.60 1.74 1.62 1.84
Relypsa, Inc. 32.00 22.32 20.10 19.93 17.00 14.96
Resource America, Inc. 9.78 6.46 6.46 6.11 6.48 5.51
Rouse Properties, Inc. 18.25 13.49 13.49 14.11 14.81 16.30
Sagent Pharmaceuticals, Inc. 21.75 16.08 15.50 15.13 14.05 11.25
SciQuest, Inc. 17.75 13.27 13.27 13.23 13.82 13.88
Sequenom, Inc. 2.40 0.85 0.85 0.89 0.95 1.03
Sizmek, Inc. 3.90 2.66 2.66 2.76 2.31 2.45
Southern Company Gas 66.00 47.86 47.86 49.82 47.28 47.13
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in U.S. Dollars..
www.mergerstat.com 38
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
Starwood Hotels & Resorts Worldwide LLC 76.80 63.45 69.41 71.21 62.46 68.62
Symmetry Surgical, Inc. 13.10 10.39 10.39 10.17 10.35 10.20
Talmer Bancorp, Inc. 23.81 16.00 16.00 16.63 17.73 17.92
TECO Energy, Inc. 27.55 18.58 21.06 21.23 21.77 18.10
Tidelands Bancshares, Inc. 0.52 0.26 0.26 0.26 0.25 0.18
TiVo Solutions, Inc. 11.30 7.66 9.42 9.38 9.70 8.39
Treasure State Bank 8.05 5.15 5.15 5.15 4.88 4.72
Tumi Holdings, Inc. 26.75 19.80 20.13 19.09 17.96 16.63
United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 23.95 17.01 17.01 15.66 19.53 24.11
United Online, Inc. 11.00 10.32 10.32 10.39 11.23 11.10
USMD Holdings, Inc. 22.34 20.44 20.44 20.00 20.59 18.33
Xenith Bankshares, Inc. /Old/ 8.67 6.70 6.70 6.90 7.20 6.86
XenoPort, Inc. 7.03 4.40 4.40 4.39 4.92 4.32
Xura, Inc. 25.00 20.98 20.98 21.61 21.88 18.91
Your Community Bankshares, Inc. 39.05 33.68 33.68 32.99 31.48 32.58
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in home currency, See page 63-66 for currency denomination of stock prices.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 39
Purchase Price/Share – Mergerstat Unaffected Price (International) *
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
Aayush Food & Herbs Ltd. 15.10 39.10 39.10 39.90 38.60 24.55
Agalawatte Plantations PLC 20.00 20.00 20.00 22.20 21.50 22.80
Aker ASA (Havfisk ASA) 36.50 34.30 34.30 32.00 31.30 33.00
Alcatel-Lucent SA 2.81 2.86 3.86 3.63 3.72 3.43
Alpargatas SA 11.02 9.40 9.40 9.50 10.06 8.87
Aluminium Co. of Malaysia Bhd. 0.61 0.80 0.80 0.80 0.81 0.78
Antevenio SA 6.00 5.31 5.31 5.15 5.10 5.00
Axia NetMedia Corp. 4.25 2.85 2.85 2.81 2.85 2.95
Bankers Petroleum Ltd. 2.20 1.11 1.15 1.12 0.91 0.69
BMT Investment Holdings Pte Ltd. (British & Malayan
Trustees Ltd.)
2.36 6.20 6.20 6.20 6.20 6.20
China Automation Group Ltd. 1.02 0.92 0.92 0.90 0.94 0.90
China Calxon Group Co., Ltd. 3.79 4.58 4.58 4.58 4.58 4.75
China Smarter Energy Group Holdings Ltd. 0.33 0.51 0.51 0.54 0.57 0.57
Chubu Gas Co., Ltd. 274.95 244.00 244.00 247.00 243.00 245.00
City Developments Ltd. (City e-Solutions Ltd.) 2.82 2.74 2.68 2.75 2.55 2.59
Daesung Fine Tech Co. Ltd. 15,547.00 4,000.00 4,000.00 3,030.00 1,816.00 1,390.00
Daiwa House REIT Investment Corp. /Old/ 641,960.00 496,500.00 496,500.00 505,000.00 489,000.00 439,500.00
Daiyu Eight Co., Ltd. 632.70 786.00 786.00 819.00 866.00 825.00
Dalian Wanda Commercial Properties Co., Ltd. 44.32 30.68 30.68 31.34 26.86 31.40
Dominion Citrus Income Fund 0.53 0.10 0.27 0.32 0.16 0.14
E-Commerce China Dangdang, Inc. 44.69 40.42 40.42 52.00 53.62 57.62
E-House (China) Holdings Ltd. 42.51 41.64 41.64 36.07 42.10 39.10
Ellipsiz Ltd. 0.38 0.36 0.36 0.36 0.35 0.35
Engineering Ingegneria Informatica SpA 66.00 57.80 57.80 57.55 56.00 51.90
Epicurean & Co. Ltd. 0.12 0.11 0.11 0.11 0.12 0.13
ETView Medical Ltd. 2.89 2.60 2.62 2.56 2.59 2.35
Excel Crop Care Ltd. 1,259.36 1,221.05 1,184.55 1,146.85 1,154.25 1,138.00
Fersa Energías Renovables SA 0.50 0.42 0.44 0.48 0.41 0.39
FNG Group NV 23.22 19.50 19.50 19.50 20.10 20.57
Gas Natural SDG SA (Gasco SA) 1,684.00 1,361.84 1,361.84 1,361.50 1,499.52 1,584.72
General Electric Co. (Bank BPH SA) 31.19 30.96 30.96 31.00 30.95 30.65
Glory Mark Hi-Tech (Holdings) Ltd. 0.72 0.35 0.35 0.34 0.48 0.39
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in U.S. Dollars..
www.mergerstat.com 40
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
Grand Concord International Holdings Ltd. 1.59 1.52 1.52 1.45 1.33 1.28
Greenland Financial Overseas Investment Group Co.
Ltd. (China Greenland Rundong Auto Group Ltd.)
4.16 2.80 2.80 2.79 2.72 2.38
Halcyon Agri Corp. Ltd. 0.75 0.73 0.73 0.70 0.68 0.68
Hawk Exploration Ltd. 0.08 0.03 0.03 0.03 0.05 0.04
Hewlett Packard Enterprise Co. (Mphasis Ltd.) 430.00 458.25 467.40 495.90 430.20 450.75
Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 0.46 0.17 0.17 0.17 0.17 0.17
Hwang Capital (Malaysia) Bhd. 2.65 2.21 2.21 2.18 2.18 2.24
iDreamSky Technology Ltd. 86.91 90.39 90.39 65.16 51.95 60.62
Imperial dd 819.00 570.00 570.00 570.07 570.01 591.02
Industria Textil Piura SA 0.02 0.26 0.26 0.26 0.26 0.26
InnVest Real Estate Investment Trust 7.25 5.47 5.47 5.45 5.24 5.30
ISARIA Wohnbau AG 4.50 3.70 3.70 3.80 3.40 3.51
Land & Leisure A/S 6.05 5.40 5.40 5.50 5.50 5.00
Lentex SA (Novita SA) 53.00 60.00 60.00 59.50 52.31 51.70
Mareterram Ltd. 0.35 0.32 0.32 0.33 0.28 0.28
Meda AB 163.90 83.05 83.05 88.05 98.35 103.40
Medtech SAS 50.00 30.90 30.90 31.04 29.50 30.25
Migao Corp. 0.75 0.40 0.40 0.38 0.46 0.36
Mols-Linien A/S 40.00 32.50 32.40 32.00 29.20 29.50
Neptune Orient Lines Ltd. 1.30 0.98 0.98 1.00 1.00 0.84
Norway Seafoods Group AS 1.00 1.90 1.90 1.40 0.85 0.85
Orolia SA 20.00 16.50 16.50 17.43 17.95 16.62
Ovivo, Inc. 4.00 3.12 3.12 2.88 2.94 2.06
Prism Medical Ltd. 14.00 9.50 9.50 9.25 9.19 9.27
Qihoo 360 Technology Co., Ltd. 478.05 410.06 410.06 391.85 361.20 365.92
QTC Energy PCL 7.75 11.10 11.10 10.60 10.00 7.70
Raimount Energy, Inc. 0.78 0.62 0.62 0.59 0.71 0.50
Rock Energy, Inc. 0.86 0.79 0.79 0.90 1.30 1.35
RR Media Ltd. 51.93 33.99 33.99 32.98 33.23 34.93
Saft Groupe SA 36.50 26.40 26.40 26.49 26.10 27.21
Sala House Co., Ltd. 760.50 707.00 707.00 699.00 700.00 678.00
Select Group Ltd. 0.53 0.43 0.43 0.43 0.36 0.36
Shun Cheong Holdings Ltd. 0.67 2.36 5.90 5.90 4.08 1.55
Mergerstat Control Premium Study
3rd Quarter 2016
* All stock prices are in U.S. Dollars..
www.mergerstat.com 41
Target Name
Purchase
Price Per
Share
Mergerstat
Unaffected
Price
Price
1 Day
Price
1 Week
Price
1 Month
Price
2 Months
SMART Technologies, Inc. 5.89 6.48 6.48 6.24 5.56 4.96
Société des Produits Marnier Lapostolle SA 8,050.00 5,020.00 5,020.00 4,950.00 4,900.00 4,750.00
Striker Exploration Corp. 1.42 1.40 1.40 1.39 1.38 1.54
Superglass Holdings PLC 0.06 0.03 0.03 0.03 0.03 0.04
Sweett Group PLC 0.42 0.23 0.35 0.35 0.23 0.19
Takson Holdings Ltd. 0.95 0.72 0.72 0.67 0.54 0.50
TNT Express NV 8.00 5.99 5.95 5.92 5.51 5.99
Top REIT, Inc. 447,234.00 438,500.00 455,000.00 438,500.00 415,500.00 441,000.00
Toyo Seikan Group Holdings Ltd. (Malaysia Packaging
Industry Bhd.)
0.17 0.45 0.45 0.46 0.51 0.46
U Banquet Group Holding Ltd. 1.29 1.26 1.26 1.27 1.18 0.98
UNY Group Holdings Co., Ltd. 1,022.58 662.00 731.00 668.00 708.00 633.00
USG People NV 17.50 13.40 13.40 13.44 14.43 13.21
Vivoline Medical AB 12.87 7.95 7.95 7.05 4.17 4.40
Wema Bank PLC (Great Nigerian Insurance PLC) 1.13 0.50 0.50 0.50 0.50 0.50
Wincor Nixdorf AG 49.92 38.90 38.71 38.52 37.12 37.67
Wireless Group PLC 3.15 1.85 1.85 1.89 1.71 1.81
Wong Engineering Corp. Bhd. 0.65 0.70 0.70 0.67 0.57 0.59
Yageo Corp. (Luminous Town Electric Co., Ltd.) 10.00 830.27 830.27 833.36 836.65 651.69
Yoho Resources, Inc. 0.48 0.24 0.24 0.26 0.26 0.25
Yuhua Energy Holdings Ltd. 0.93 1.02 1.02 0.98 1.05 0.96
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 42
Mergerstat Unaffected Control Premium (Domestic)
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
1st Century Bancshares, Inc. (California) 40.3% 40.3% 40.3% 25.2% 52.1%
American Science & Engineering, Inc. 14.4% 14.4% 16.3% 23.1% 29.7%
Apollo Residential Mortgage, Inc. 34.8% 34.8% 37.6% 30.5% 6.2%
Avenue Financial Holdings, Inc. 51.8% 51.8% 51.1% 41.9% 43.3%
Axiall Corp. 236.7% 236.7% 243.8% 113.7% 59.0%
Bremen Bancorp, Inc. 32.8% 32.8% 32.8% 32.8% 32.8%
C1 Financial, Inc. 14.0% 14.0% 12.8% 19.5% 27.3%
Cardinal Bankshares Corp. 103.6% 103.6% 99.3% 99.9% 95.0%
Ceres, Inc. 81.3% 81.3% 60.3% 113.6% 73.2%
Coast Bancorp (San Luis Obispo, California) 29.0% 29.0% 29.0% 29.0% 12.4%
Columbia Pipeline Group, Inc. 29.1% 10.9% 19.0% 46.0% 49.1%
Cordia Bancorp, Inc. 31.4% 31.4% 33.1% 31.0% 25.6%
Delaware Bancshares, Inc. 28.2% 28.2% 28.2% 31.4% 32.2%
Demandware, Inc. 56.3% 56.3% 66.4% 62.8% 97.4%
Diamond Resorts International, Inc. 58.3% 25.7% 23.0% 29.6% 42.6%
Dominion Questar Corp. 22.6% 22.6% 31.9% 28.3% 31.1%
DreamWorks Animation SKG, Inc. 51.0% 27.3% 51.8% 65.8% 64.7%
Electro Rent Corp. 46.9% 46.9% 47.1% 54.8% 67.4%
Elizabeth Arden, Inc. 50.1% 50.1% 46.8% 45.1% 43.0%
EMC Corp. 23.5% 19.0% 31.0% 34.8% 25.7%
EPIQ Systems, Inc. 45.0% 14.4% 11.5% 17.3% 11.6%
ExamWorks Group, Inc. 4.4% 4.4% 4.7% 25.3% 19.9%
Fairchild Semiconductor International, Inc. 41.4% 11.9% 12.9% 20.8% 45.7%
FEI Co. 13.7% 13.7% 21.7% 18.3% 24.2%
First Clover Leaf Financial Corp. 31.2% 31.2% 29.9% 35.1% 34.0%
First Marblehead Corp. 43.9% 41.9% 41.9% 55.4% 27.2%
First Niagara Financial Group, Inc. 14.1% -1.5% -3.9% 0.1% 11.7%
FirstMerit Corp. 34.6% 40.9% 34.4% 13.8% 6.4%
Foundation Bancorp, Inc. (Washington) 27.8% 27.8% 30.4% 35.9% 35.9%
Fox Chase Bancorp, Inc. 12.5% 12.5% 12.4% 17.1% 15.6%
Golden Enterprises, Inc. 60.0% 60.0% 62.4% 78.8% 112.4%
Hansen Medical, Inc. 39.9% 39.9% 31.1% 50.9% 53.3%
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
www.mergerstat.com 43
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
Harmony Bank Jackson NJ 38.8% 38.8% 38.8% 38.8% 42.3%
Hatteras Financial Corp. 14.5% 14.5% 14.6% 15.0% 37.5%
HeartWare International, Inc. 93.5% 93.5% 80.7% 99.4% 69.1%
Higher One Holdings, Inc. 37.3% 37.3% 38.1% 36.2% 35.9%
Imprivata, Inc. 32.8% 32.8% 37.9% 37.5% 54.0%
Johnson Controls, Inc. -2.0% * -2.0% 0.5% -13.9% -23.3%
Kreisler Manufacturing Corp. 62.5% 62.5% 65.3% 68.2% 85.0%
Krispy Kreme Doughnuts, Inc. 24.6% 24.6% 21.1% 31.7% 38.8%
LaPorte Bancorp, Inc. 15.6% 15.6% 16.8% 16.0% 10.4%
LDR Holding Corp. 63.9% 63.9% 75.9% 41.5% 39.6%
Linn Energy LLC -89.5% * -89.5% -90.7% -87.6% -95.1%
Marketo, Inc. 9.5% 9.5% 22.7% 60.3% 80.1%
Mattress Firm Holding Corp. 115.2% 118.4% 114.5% 104.3% 88.0%
Medivation, Inc. 41.0% 21.4% 24.8% 30.1% 38.4%
National Holdings Corp. 43.8% 43.8% 41.3% 30.0% 31.0%
Niska Gas Storage Partners LLC 222.5% 201.8% 174.4% 111.3% 92.0%
Nortek, Inc. 37.6% 37.6% 55.9% 74.1% 83.4%
Outerwall, Inc. 51.2% 10.9% 13.5% 19.8% 29.4%
Polycom, Inc. 15.1% 15.0% 11.9% 3.5% 9.3%
Prime Pacific Financial Services, Inc. 32.0% 32.0% 33.6% 33.6% 29.5%
Qlik Technologies, Inc. 26.1% 5.3% -3.5% -3.1% 5.4%
QLogic Corp. 17.7% 17.7% 16.5% 22.6% 20.6%
Range Resources - Louisiana, Inc. 9.8% 9.8% 24.5% 15.6% 49.9%
ReachLocal, Inc. 187.5% 187.5% 164.4% 184.0% 150.0%
Relypsa, Inc. 43.4% 59.2% 60.6% 88.2% 113.9%
Resource America, Inc. 51.4% 51.4% 60.1% 50.9% 77.5%
Rouse Properties, Inc. 35.3% 35.3% 29.3% 23.2% 12.0%
Sagent Pharmaceuticals, Inc. 35.3% 40.3% 43.8% 54.8% 93.3%
SciQuest, Inc. 33.8% 33.8% 34.2% 28.4% 27.9%
Sequenom, Inc. 182.1% 182.1% 171.1% 152.6% 133.0%
Sizmek, Inc. 46.6% 46.6% 41.3% 68.8% 59.2%
Southern Company Gas 37.9% 37.9% 32.5% 39.6% 40.0%
Starwood Hotels & Resorts Worldwide LLC 21.0% 10.6% 7.9% 23.0% 11.9%
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
www.mergerstat.com 44
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
Symmetry Surgical, Inc. 26.1% 26.1% 28.8% 26.6% 28.4%
Talmer Bancorp, Inc. 48.8% 48.8% 43.2% 34.3% 32.9%
TECO Energy, Inc. 48.3% 30.8% 29.8% 26.6% 52.2%
Tidelands Bancshares, Inc. 103.9% 103.9% 103.9% 108.0% 197.1%
TiVo Solutions, Inc. 47.6% 20.0% 20.5% 16.5% 34.7%
Treasure State Bank 56.2% 56.2% 56.2% 65.0% 70.4%
Tumi Holdings, Inc. 35.1% 32.9% 40.1% 48.9% 60.9%
United Engineers Ltd. (Multi-Fineline Electronix,
Inc.)
40.8% 40.8% 52.9% 22.6% -0.7%
United Online, Inc. 6.6% 6.6% 5.9% -2.0% -0.9%
USMD Holdings, Inc. 9.3% 9.3% 11.7% 8.5% 21.9%
Xenith Bankshares, Inc. /Old/ 29.4% 29.4% 25.6% 20.4% 26.3%
XenoPort, Inc. 59.8% 59.8% 60.1% 42.9% 62.7%
Xura, Inc. 19.2% 19.2% 15.7% 14.3% 32.2%
Your Community Bankshares, Inc. 15.9% 15.9% 18.4% 24.0% 19.9%
Range: High 236.7% 236.7% 243.8% 184.0% 197.1%
Low -89.5% -89.5% -90.7% -87.6% -95.1%
Median: 37.3% 32.0% 32.5% 31.7% 35.9%
Average: 47.1% 41.2% 41.5% 41.6% 44.5%
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 45
Mergerstat Unaffected Control Premium (International)
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
Aayush Food & Herbs Ltd. -61.4% * -61.4% -62.2% -60.9% -38.5%
Agalawatte Plantations PLC 0.0% 0.0% -9.9% -7.0% -12.3%
Aker ASA (Havfisk ASA) 6.4% 6.4% 14.1% 16.6% 10.6%
Alcatel-Lucent SA -1.8% * -27.4% -22.7% -24.5% -18.2%
Alpargatas SA 17.2% 17.2% 16.0% 9.5% 24.2%
Aluminium Co. of Malaysia Bhd. -23.3% * -23.3% -23.3% -24.2% -21.8%
Antevenio SA 13.0% 13.0% 16.5% 17.6% 20.0%
Axia NetMedia Corp. 49.1% 49.1% 51.2% 49.1% 44.1%
Bankers Petroleum Ltd. 98.2% 91.3% 96.4% 141.8% 218.8%
BMT Investment Holdings Pte Ltd. (British &
Malayan Trustees Ltd.)
-61.9% * -61.9% -61.9% -61.9% -61.9%
China Automation Group Ltd. 11.1% 11.1% 13.1% 8.7% 13.7%
China Calxon Group Co., Ltd. -17.2% * -17.2% -17.2% -17.2% -20.2%
China Smarter Energy Group Holdings Ltd. -35.3% * -35.3% -38.9% -42.1% -42.1%
Chubu Gas Co., Ltd. 12.7% 12.7% 11.3% 13.1% 12.2%
City Developments Ltd. (City e-Solutions Ltd.) 2.9% 5.2% 2.5% 10.6% 8.9%
Daesung Fine Tech Co. Ltd. 288.7% 288.7% 413.1% 756.1% 1,018.5%
Daiwa House REIT Investment Corp. /Old/ 29.3% 29.3% 27.1% 31.3% 46.1%
Daiyu Eight Co., Ltd. -19.5% * -19.5% -22.7% -26.9% -23.3%
Dalian Wanda Commercial Properties Co., Ltd. 44.5% 44.5% 41.4% 65.0% 41.1%
Dominion Citrus Income Fund 428.0% 95.6% 66.0% 230.0% 291.1%
E-Commerce China Dangdang, Inc. 10.6% 10.6% -14.0% -16.6% -22.4%
E-House (China) Holdings Ltd. 2.1% 2.1% 17.8% 1.0% 8.7%
Ellipsiz Ltd. 5.6% 5.6% 7.0% 8.6% 10.1%
Engineering Ingegneria Informatica SpA 14.2% 14.2% 14.7% 17.9% 27.2%
Epicurean & Co. Ltd. 7.1% 7.1% 7.1% 0.0% -9.7%
ETView Medical Ltd. 11.3% 10.4% 13.1% 11.7% 23.1%
Excel Crop Care Ltd. 3.1% 6.3% 9.8% 9.1% 10.7%
Fersa Energías Renovables SA 20.5% 14.9% 5.3% 23.5% 28.2%
FNG Group NV 19.1% 19.1% 19.1% 15.5% 12.9%
Gas Natural SDG SA (Gasco SA) 23.7% 23.7% 23.7% 12.3% 6.3%
General Electric Co. (Bank BPH SA) 0.7% 0.7% 0.6% 0.8% 1.8%
Glory Mark Hi-Tech (Holdings) Ltd. 103.7% 103.7% 109.0% 50.9% 85.2%
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
www.mergerstat.com 46
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
Grand Concord International Holdings Ltd. 4.7% 4.7% 9.8% 19.7% 24.4%
Greenland Financial Overseas Investment Group Co.
Ltd. (China Greenland Rundong Auto Group
Ltd.)
48.6% 48.6% 49.3% 53.0% 74.7%
Halcyon Agri Corp. Ltd. 2.7% 2.7% 7.1% 11.1% 11.1%
Hawk Exploration Ltd. 166.7% 166.7% 166.7% 77.8% 110.5%
Hewlett Packard Enterprise Co. (Mphasis Ltd.) -6.2% * -8.0% -13.3% 0.0% -4.6%
Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 169.4% 169.4% 177.6% 169.4% 169.4%
Hwang Capital (Malaysia) Bhd. 19.9% 19.9% 21.6% 21.6% 18.3%
iDreamSky Technology Ltd. -3.8% * -3.8% 33.4% 67.3% 43.4%
Imperial dd 43.7% 43.7% 43.7% 43.7% 38.6%
Industria Textil Piura SA -92.3% * -92.3% -92.3% -92.3% -92.3%
InnVest Real Estate Investment Trust 32.5% 32.5% 33.0% 38.4% 36.8%
ISARIA Wohnbau AG 21.6% 21.6% 18.4% 32.4% 28.1%
Land & Leisure A/S 12.0% 12.0% 10.0% 10.0% 21.0%
Lentex SA (Novita SA) -11.7% * -11.7% -10.9% 1.3% 2.5%
Mareterram Ltd. 9.4% 9.4% 7.7% 25.0% 25.0%
Meda AB 97.4% 97.4% 86.1% 66.7% 58.5%
Medtech SAS 61.8% 61.8% 61.1% 69.5% 65.3%
Migao Corp. 89.9% 89.9% 97.4% 63.0% 108.3%
Mols-Linien A/S 23.1% 23.5% 25.0% 37.0% 35.6%
Neptune Orient Lines Ltd. 32.7% 32.7% 30.7% 30.0% 55.7%
Norway Seafoods Group AS -47.4% * -47.4% -28.6% 17.6% 17.6%
Orolia SA 21.2% 21.2% 14.7% 11.4% 20.3%
Ovivo, Inc. 28.2% 28.2% 38.9% 36.1% 94.2%
Prism Medical Ltd. 47.4% 47.4% 51.4% 52.3% 51.0%
Qihoo 360 Technology Co., Ltd. 16.6% 16.6% 22.0% 32.4% 30.6%
QTC Energy PCL -30.2% * -30.2% -26.9% -22.5% 0.6%
Raimount Energy, Inc. 25.8% 25.8% 33.3% 10.6% 56.0%
Rock Energy, Inc. 8.7% 8.7% -4.6% -33.9% -36.4%
RR Media Ltd. 52.8% 52.8% 57.4% 56.3% 48.7%
Saft Groupe SA 38.3% 38.3% 37.8% 39.8% 34.1%
Sala House Co., Ltd. 7.6% 7.6% 8.8% 8.6% 12.2%
Select Group Ltd. 23.5% 23.5% 22.1% 45.8% 45.8%
Mergerstat Control Premium Study
3rd Quarter 2016
* Not used in average or median calculations.
www.mergerstat.com 47
Target Name
Mergerstat
Unaffected
Control
Premium
Premium
1 Day
Premium
1 Week
Premium
1 Month
Premium
2 Months
Shun Cheong Holdings Ltd. -71.6% * -88.6% -88.6% -83.6% -56.8%
SMART Technologies, Inc. -9.1% * -9.1% -5.7% 6.0% 18.6%
Société des Produits Marnier Lapostolle SA 60.4% 60.4% 62.6% 64.3% 69.5%
Striker Exploration Corp. 1.3% 1.3% 2.0% 2.8% -7.9%
Superglass Holdings PLC 113.3% 113.3% 113.3% 103.6% 54.5%
Sweett Group PLC 82.6% 21.7% 21.7% 82.6% 121.1%
Takson Holdings Ltd. 31.4% 31.4% 41.2% 75.2% 89.2%
TNT Express NV 33.5% 34.6% 35.1% 45.2% 33.7%
Top REIT, Inc. 2.0% -1.7% 2.0% 7.6% 1.4%
Toyo Seikan Group Holdings Ltd. (Malaysia
Packaging Industry Bhd.)
-63.1% * -63.1% -63.9% -67.5% -63.5%
U Banquet Group Holding Ltd. 2.4% 2.4% 1.6% 9.3% 31.6%
UNY Group Holdings Co., Ltd. 54.5% 39.9% 53.1% 44.4% 61.5%
USG People NV 30.6% 30.6% 30.2% 21.3% 32.5%
Vivoline Medical AB 61.8% 61.8% 82.5% 208.5% 192.4%
Wema Bank PLC (Great Nigerian Insurance PLC) 126.0% 126.0% 126.0% 126.0% 126.0%
Wincor Nixdorf AG 28.3% 28.9% 29.6% 34.5% 32.5%
Wireless Group PLC 70.3% 70.3% 66.7% 84.8% 74.0%
Wong Engineering Corp. Bhd. -7.1% * -7.1% -2.3% 14.0% 10.2%
Yageo Corp. (Luminous Town Electric Co., Ltd.) -98.8% * -98.8% -98.8% -98.8% -98.5%
Yoho Resources, Inc. 102.1% 102.1% 82.7% 82.7% 93.9%
Yuhua Energy Holdings Ltd. -8.8% * -8.8% -5.1% -11.4% -3.1%
Range: High 428.0% 288.7% 413.1% 756.1% 1,018.5%
Low -98.8% -98.8% -98.8% -98.8% -98.5%
Median: 24.7% 14.9% 16.5% 17.6% 24.4%
Average: 47.4% 23.5% 25.9% 34.9% 43.7%
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 48
Target Financials (Domestic) ($ in Millions)
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
1st Century Bancshares, Inc. (California) 173.2 24.3 2.6 64.9 4.7 5.3
American Science & Engineering, Inc. 264.8 103.0 -3.2 131.1 -5.5 -1.9
Apollo Residential Mortgage, Inc. 3,466.2 161.2 2.9 714.7 35.1 67.0
Avenue Financial Holdings, Inc. 293.8 44.9 7.0 91.4 12.4 13.5
Axiall Corp. 3,775.8 3,361.1 -828.4 -287.5 -814.9 -566.4
Bremen Bancorp, Inc. 27.0 6.6 1.6 15.6 2.8 2.8
C1 Financial, Inc. 621.9 80.9 14.3 198.8 27.5 31.1
Cardinal Bankshares Corp. 41.5 11.0 -0.6 21.1 -0.5 -0.5
Ceres, Inc. 7.9 3.6 -14.2 1.2 -14.1 -13.7
Coast Bancorp (San Luis Obispo, California) 14.8 5.4 6.8 10.3 3.0 3.1
Columbia Pipeline Group, Inc. 12,957.2 1,334.9 267.6 2,081.1 557.4 697.3
Cordia Bancorp, Inc. 65.0 11.7 -1.9 347.8 0.6 1.9
Delaware Bancshares, Inc. 20.4 13.1 1.2 38.1 2.8 2.8
Demandware, Inc. 2,742.6 254.1 -43.1 205.9 -42.4 -28.7
Diamond Resorts International, Inc. 3,292.5 990.3 157.9 -63.0 316.5 352.9
Dominion Questar Corp. 6,088.1 1,133.5 208.7 1,305.3 381.7 605.2
DreamWorks Animation SKG, Inc. 3,938.7 939.8 13.8 800.5 50.4 94.2
Electro Rent Corp. 375.0 175.3 4.8 217.8 8.1 65.3
Elizabeth Arden, Inc. 941.8 945.0 -156.7 -177.6 -122.7 -79.1
EMC Corp. 71,556.1 24,768.0 2,365.0 1,122.0 3,446.0 5,381.0
EPIQ Systems, Inc. 1,069.6 574.4 -16.1 -233.1 32.0 89.4
ExamWorks Group, Inc. 2,006.2 849.8 6.8 -323.5 44.5 102.0
Fairchild Semiconductor International, Inc. 2,490.0 1,389.6 -50.7 858.0 4.5 144.7
FEI Co. 4,392.5 938.0 118.9 712.7 143.0 180.6
First Clover Leaf Financial Corp. 88.3 22.6 4.2 70.0 5.8 6.6
First Marblehead Corp. 59.0 50.4 -30.6 53.9 -29.4 -23.9
First Niagara Financial Group, Inc. 10,138.9 1,520.0 247.0 2,401.0 392.0 486.0
FirstMerit Corp. 5,911.6 1,081.2 227.6 2,019.2 347.3 425.3
Foundation Bancorp, Inc. (Washington) 46.4 17.2 -2.0 46.8 -3.2 -3.2
Fox Chase Bancorp, Inc. 425.7 42.4 9.9 175.9 17.0 17.6
Golden Enterprises, Inc. 141.9 135.9 3.2 23.6 5.0 8.9
Hansen Medical, Inc. 109.6 13.3 -79.5 -7.7 -38.2 -37.1
Harmony Bank Jackson NJ 50.3 12.1 1.5 27.5 4.5 4.5
Hatteras Financial Corp. 13,648.5 358.5 15.0 1,450.9 83.2 83.2
Mergerstat Control Premium Study
3rd Quarter 2016
($ in Millions)
www.mergerstat.com 49
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
HeartWare International, Inc. 1,396.2 261.9 -75.7 90.5 -60.2 -51.6
Higher One Holdings, Inc. 277.1 87.9 -39.3 60.1 -53.6 -37.3
Imprivata, Inc. 487.7 131.1 -23.8 21.6 -23.4 -19.4
Johnson Controls, Inc. 29,745.8 35,442.0 1,382.0 2,005.0 2,411.0 3,273.0
Kreisler Manufacturing Corp. 34.5 36.2 3.2 11.9 4.3 5.1
Krispy Kreme Doughnuts, Inc. 1,357.7 522.7 31.1 197.7 51.8 68.1
LaPorte Bancorp, Inc. 154.3 21.6 4.6 77.0 7.0 7.7
LDR Holding Corp. 1,102.4 167.7 -20.3 174.2 -28.1 -21.6
Linn Energy LLC 9,067.1 2,883.3 -4,759.8 -268.9 -4,219.8 -3,414.1
Marketo, Inc. 1,567.1 226.1 -71.8 54.1 -68.3 -53.2
Mattress Firm Holding Corp. 3,737.5 3,144.9 -84.2 -1,130.4 -65.9 19.8
Medivation, Inc. 13,403.5 996.6 252.7 237.3 401.0 408.9
National Holdings Corp. 40.4 160.6 -0.4 31.7 -0.6 0.6
Niska Gas Storage Partners LLC 939.9 92.6 -344.3 143.8 -331.0 -213.7
Nortek, Inc. 2,743.7 2,572.4 10.5 -1,046.3 124.7 244.4
Outerwall, Inc. 1,595.5 2,093.2 129.2 -487.0 251.4 419.5
Polycom, Inc. 1,928.8 1,192.4 22.5 504.3 45.4 106.7
Prime Pacific Financial Services, Inc. 16.5 10.7 1.4 13.8 2.7 2.7
Qlik Technologies, Inc. 2,865.2 630.5 -33.2 298.0 -20.2 -4.0
QLogic Corp. 1,337.3 458.9 46.5 517.1 50.7 90.2
Range Resources - Louisiana, Inc. 6,102.4 694.3 54.9 809.6 -5.2 400.4
ReachLocal, Inc. 169.2 361.7 -54.9 -50.1 -50.4 -31.4
Relypsa, Inc. 1,591.2 36.2 -248.2 110.9 -243.1 -241.5
Resource America, Inc. 371.4 76.2 8.9 135.9 0.5 2.6
Rouse Properties, Inc. 2,763.9 311.2 6.9 422.6 78.0 192.6
Sagent Pharmaceuticals, Inc. 720.6 297.8 -25.2 169.5 -54.4 -42.4
SciQuest, Inc. 494.3 106.3 3.2 111.9 4.6 16.7
Sequenom, Inc. 414.0 114.6 -41.4 -71.0 -32.9 -25.1
Sizmek, Inc. 113.6 176.6 -129.1 92.6 -134.7 -113.3
Southern Company Gas 11,961.4 4,280.0 455.0 2,009.0 851.0 1,238.0
Starwood Hotels & Resorts Worldwide LLC 15,263.4 5,828.0 568.0 -643.0 799.0 1,083.0
Symmetry Surgical, Inc. 127.5 85.0 0.7 60.1 0.9 7.4
Talmer Bancorp, Inc. 2,387.3 321.3 60.1 650.8 104.2 114.1
TECO Energy, Inc. 10,356.5 2,529.6 225.6 2,144.9 567.5 886.2
Tidelands Bancshares, Inc. 69.6 18.4 -1.9 -12.9 -1.2 0.0
Mergerstat Control Premium Study
3rd Quarter 2016
($ in Millions)
www.mergerstat.com 50
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
TiVo Solutions, Inc. 1,747.9 489.6 21.7 178.6 57.9 75.3
Treasure State Bank 14.3 3.5 0.5 9.5 1.1 1.1
Tumi Holdings, Inc. 1,802.8 547.7 63.0 207.7 97.8 119.3
United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 584.3 636.6 45.1 357.9 49.2 94.8
United Online, Inc. 162.5 165.4 8.2 87.4 7.1 16.9
USMD Holdings, Inc. 311.4 329.5 -1.5 41.7 8.5 18.1
Xenith Bankshares, Inc. /Old/ 149.5 38.4 4.2 87.0 7.0 8.1
XenoPort, Inc. 558.1 48.2 -76.5 7.9 -72.5 -71.8
Xura, Inc. 776.0 299.7 -36.9 -273.8 -63.8 -21.7
Your Community Bankshares, Inc. 383.8 70.9 15.0 123.3 20.1 20.1
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 51
Target Financials (International) ($ in Millions)
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
Aayush Food & Herbs Ltd. 0.7 0.0 0.0 0.6 0.0 0.0
Agalawatte Plantations PLC 17.2 10.7 -1.6 2.7 0.2 1.0
Aker ASA (Havfisk ASA) 512.1 137.0 21.3 30.7 34.9 49.6
Alcatel-Lucent SA 15,331.8 15,116.5 -42.7 -2,826.6 198.9 828.3
Alpargatas SA 1,725.1 1,278.2 95.2 382.0 117.7 149.1
Aluminium Co. of Malaysia Bhd. 19.5 69.5 0.4 39.2 0.7 3.6
Antevenio SA 29.5 23.6 1.7 6.0 1.9 2.3
Axia NetMedia Corp. 222.1 48,837.9 3,613.4 80.2 6,905.4 12,827.7
Bankers Petroleum Ltd. 582.2 240.8 -3.5 762.8 -11.7 106.4
BMT Investment Holdings Pte Ltd. (British & Malayan
Trustees Ltd.)
15.2 2.2 -1.8 10.2 -1.8 -1.7
China Automation Group Ltd. 315.0 245.7 -54.4 251.8 -38.4 -1.4
China Calxon Group Co., Ltd. 3,996.7 416.9 -367.1 244.1 -294.9 -283.0
China Smarter Energy Group Holdings Ltd. 513.7 32.8 -12.4 92.1 7.3 17.9
Chubu Gas Co., Ltd. 444.4 403.0 9.2 216.1 15.4 59.3
City Developments Ltd. (City e-Solutions Ltd.) 142.9 12.5 -8.3 59.2 -8.5 -7.6
Daesung Fine Tech Co. Ltd. 381.3 41.5 3.9 33.7 5.3 6.8
Daiwa House REIT Investment Corp. /Old/ 3,169.6 128.3 61.6 1,054.5 71.0 98.6
Daiyu Eight Co., Ltd. 176.5 466.4 9.1 63.5 17.4 27.9
Dalian Wanda Commercial Properties Co., Ltd. 58,070.7 19,422.1 4,643.4 26,166.0 8,747.4 9,050.8
Dominion Citrus Income Fund 10.4 53.3 2.1 3.7 2.9 3.2
E-Commerce China Dangdang, Inc. 541.6 1,317.8 -3.6 90.1 -3.6 6.1
E-House (China) Holdings Ltd. 943.3 849.4 7.8 782.7 31.0 31.0
Ellipsiz Ltd. 50.0 88.1 7.1 64.2 7.5 10.4
Engineering Ingegneria Informatica SpA 957.3 923.3 53.5 378.9 93.8 108.4
Epicurean & Co. Ltd. 51.7 57.1 -5.0 -9.8 -3.7 0.6
ETView Medical Ltd. 12.9 2.3 -2.5 0.6 -2.5 -2.5
Excel Crop Care Ltd. 212.0 129.7 9.2 57.3 12.9 15.6
Fersa Energías Renovables SA 234.9 31.2 -13.5 54.9 -7.8 3.5
FNG Group NV 291.5 272.1 6.7 -32.1 17.1 30.4
Gas Natural SDG SA (Gasco SA) 1,160.7 1,345.2 71.9 799.7 210.4 298.2
General Electric Co. (Bank BPH SA) 4,404.7 221.1 -331.0 930.8 -314.2 -301.8
Glory Mark Hi-Tech (Holdings) Ltd. 59.3 38.3 -0.7 21.4 -0.5 0.4
Mergerstat Control Premium Study
3rd Quarter 2016
($ in Millions)
www.mergerstat.com 52
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
Grand Concord International Holdings Ltd. 99.0 62.1 1.4 44.5 3.2 7.2
Greenland Financial Overseas Investment Group Co.
Ltd. (China Greenland Rundong Auto Group Ltd.)
1,894.3 2,393.1 32.0 309.9 117.2 161.6
Halcyon Agri Corp. Ltd. 755.0 1,013.6 8.6 -103.1 37.1 46.5
Hawk Exploration Ltd. 10.5 5.3 -6.0 12.0 -5.2 -2.3
Hewlett Packard Enterprise Co. (Mphasis Ltd.) 1,417.9 908.7 99.9 584.4 143.8 154.9
Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 127.8 110.1 -89.5 139.3 -63.5 -43.2
Hwang Capital (Malaysia) Bhd. 167.3 16.5 9.0 205.2 10.9 11.2
iDreamSky Technology Ltd. 583.4 177.3 -1.8 163.6 2.7 2.7
Imperial dd 103.9 18.2 2.3 47.6 3.6 7.5
Industria Textil Piura SA 39.3 25.2 -9.6 26.0 -8.9 -8.9
InnVest Real Estate Investment Trust 1,645.6 430.8 -15.2 139.3 32.3 101.8
ISARIA Wohnbau AG 226.8 92.1 1.4 19.2 25.0 26.5
Land & Leisure A/S 82.5 43.0 3.7 11.5 5.2 5.8
Lentex SA (Novita SA) 34.8 22.0 3.2 20.5 4.0 5.4
Mareterram Ltd. 38.8 0.5 -0.8 15.5 -1.1 -0.2
Meda AB 10,158.3 2,293.2 137.3 -3,095.1 287.6 670.9
Medtech SAS 148.0 9.7 -5.0 11.1 -5.2 -4.9
Migao Corp. 333.9 408.0 -20.2 222.6 -10.1 -4.5
Mols-Linien A/S 199.7 95.6 8.8 12.3 16.7 24.6
Neptune Orient Lines Ltd. 5,489.8 6,347.7 -227.7 2,495.0 -69.2 -69.2
Norway Seafoods Group AS 64.7 247.0 -5.3 5.5 -0.8 2.3
Orolia SA 138.9 108.7 6.6 -5.2 9.2 9.2
Ovivo, Inc. 152.4 254.2 5.7 49.4 9.2 13.8
Prism Medical Ltd. 64.8 46.1 0.2 5.7 0.9 3.4
Qihoo 360 Technology Co., Ltd. 10,438.2 1,394.0 209.3 606.2 304.9 392.3
QTC Energy PCL 52.4 33.1 3.0 13.7 4.0 5.2
Raimount Energy, Inc. 3.3 0.2 -0.8 6.1 -1.0 -0.9
Rock Energy, Inc. 74.4 35.0 -4.4 84.3 -1.8 17.1
RR Media Ltd. 245.6 140.0 7.8 45.5 9.3 19.4
Saft Groupe SA 1,351.8 848.9 15.4 175.4 33.0 119.3
Sala House Co., Ltd. 117.5 282.5 2.4 67.7 5.3 6.6
Select Group Ltd. 90.2 118.0 5.3 14.1 6.7 12.5
Mergerstat Control Premium Study
3rd Quarter 2016
($ in Millions)
www.mergerstat.com 53
Target Name
Target
TIC
Target
Sales
Target
Income
Target
Book Value
Target
EBIT
Target
EBITDA
Shun Cheong Holdings Ltd. 88.2 18.5 -30.3 -13.5 -27.3 -22.2
SMART Technologies, Inc. 212.1 341.8 -59.7 -60.1 -26.1 -14.0
Société des Produits Marnier Lapostolle SA 786.7 147.0 12.3 157.2 23.5 31.4
Striker Exploration Corp. 40.7 21.2 -22.9 67.2 -22.9 -8.0
Superglass Holdings PLC 13.6 27.8 -10.0 16.4 -10.9 -7.3
Sweett Group PLC 43.0 79.2 -7.0 1.5 -6.5 -5.3
Takson Holdings Ltd. 106.4 20.4 -3.3 5.1 -2.7 -2.5
TNT Express NV 5,086.1 7,219.3 -239.5 1,116.0 -120.3 69.1
Top REIT, Inc. 1,649.5 104.5 18.4 849.4 -7.6 15.5
Toyo Seikan Group Holdings Ltd. (Malaysia Packaging
Industry Bhd.)
13.2 21.1 -1.8 5.0 -1.5 -0.3
U Banquet Group Holding Ltd. 76.5 53.9 3.4 10.0 4.2 6.3
UNY Group Holdings Co., Ltd. 4,511.1 9,872.7 -23.3 2,575.5 44.5 421.5
USG People NV 1,811.1 2,720.8 43.5 -264.0 78.1 104.7
Vivoline Medical AB 17.3 0.5 -2.4 2.2 -2.4 -2.2
Wema Bank PLC (Great Nigerian Insurance PLC) 13.8 8.4 -0.6 17.5 -1.0 -0.5
Wincor Nixdorf AG 1,865.6 2,717.6 7.2 37.2 26.0 82.0
Wireless Group PLC 286.7 71.4 27.9 -50.0 29.1 30.4
Wong Engineering Corp. Bhd. 15.5 8.3 -0.1 13.3 0.0 1.2
Yageo Corp. (Luminous Town Electric Co., Ltd.) 25.2 29.4 -0.1 21.0 0.2 1.0
Yoho Resources, Inc. 22.5 5.5 -46.8 38.5 -57.4 -53.9
Yuhua Energy Holdings Ltd. 110.5 610.5 -1.3 45.5 1.3 1.3
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 54
Target Multiples (Domestic)
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
1st Century Bancshares, Inc. (California) 4.5 42.4 * 1.7 NMF * NMF *
American Science & Engineering, Inc. 2.6 -82.3 * 2.0 -48.1 * -140.3 *
Apollo Residential Mortgage, Inc. 2.7 149.9 * 0.6 NMF * NMF *
Avenue Financial Holdings, Inc. 4.5 29.1 2.2 NMF * NMF *
Axiall Corp. 0.7 -2.8 * -8.1 * -4.6 * -6.7 *
Bremen Bancorp, Inc. 2.0 8.3 0.8 NMF * NMF *
C1 Financial, Inc. 4.7 26.6 1.9 NMF * NMF *
Cardinal Bankshares Corp. 2.5 -48.9 * 1.3 NMF * NMF *
Ceres, Inc. 2.2 -0.6 * 6.4 -0.6 * -0.6 *
Coast Bancorp (San Luis Obispo, California) 2.3 1.8 1.2 NMF * NMF *
Columbia Pipeline Group, Inc. 7.6 38.1 4.9 23.2 18.6
Cordia Bancorp, Inc. 3.0 -18.9 * 0.1 NMF * NMF *
Delaware Bancshares, Inc. 1.2 13.7 0.4 NMF * NMF *
Demandware, Inc. 10.8 * -63.6 * 13.3 * -64.7 * -95.5 *
Diamond Resorts International, Inc. 2.1 13.4 -33.5 * 10.4 9.3
Dominion Questar Corp. 3.9 21.0 3.4 15.9 10.1
DreamWorks Animation SKG, Inc. 3.8 256.6 * 4.4 78.1 * 41.8 *
Electro Rent Corp. 2.1 78.4 * 1.7 46.2 * 5.7
Elizabeth Arden, Inc. 0.4 -2.7 * -2.4 * -7.7 * -11.9 *
EMC Corp. 2.6 27.1 57.1 * 20.8 13.3
EPIQ Systems, Inc. 1.2 -41.9 * -2.9 * 33.5 12.0
ExamWorks Group, Inc. 1.7 209.5 * -4.4 * 45.0 * 19.7
Fairchild Semiconductor International, Inc. 1.6 -45.2 * 2.7 553.3 * 17.2
FEI Co. 4.7 36.9 6.2 30.7 24.3
First Clover Leaf Financial Corp. 3.9 21.1 1.3 NMF * NMF *
First Marblehead Corp. 1.2 -1.9 * 1.1 NMF * NMF *
First Niagara Financial Group, Inc. 2.4 14.5 1.5 NMF * NMF *
FirstMerit Corp. 3.3 15.8 1.8 NMF * NMF *
Foundation Bancorp, Inc. (Washington) 2.7 -22.7 * 1.0 NMF * NMF *
Fox Chase Bancorp, Inc. 5.3 22.9 1.3 NMF * NMF *
Golden Enterprises, Inc. 1.0 42.5 * 5.7 28.2 15.9
Hansen Medical, Inc. 5.7 -1.0 * -9.8 * -2.9 * -3.0 *
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
www.mergerstat.com 55
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
Harmony Bank Jackson NJ 2.8 22.6 1.2 NMF * NMF *
Hatteras Financial Corp. 4.3 103.3 * 1.1 NMF * NMF *
HeartWare International, Inc. 3.9 -13.4 * 11.2 * -23.2 * -27.1 *
Higher One Holdings, Inc. 2.8 -6.3 * 4.2 -5.2 * -7.4 *
Imprivata, Inc. 3.7 -20.4 * 22.6 * -20.8 * -25.2 *
Johnson Controls, Inc. 0.6 16.3 11.3 * 12.3 9.1
Kreisler Manufacturing Corp. 0.9 10.8 2.9 8.0 6.8
Krispy Kreme Doughnuts, Inc. 2.6 43.2 * 6.8 26.2 19.9
LaPorte Bancorp, Inc. 4.4 20.6 1.2 NMF * NMF *
LDR Holding Corp. 6.5 -53.9 * 6.3 -39.2 * -50.9 *
Linn Energy LLC 0.008 -0.005 * -0.08 * -2.1 * -2.7 *
Marketo, Inc. 6.9 -21.8 * 28.9 * -23.0 * -29.4 *
Mattress Firm Holding Corp. 0.8 -28.3 * -2.1 * -56.7 * 189.0 *
Medivation, Inc. 13.4 * 53.0 * 56.4 * 33.4 32.8 *
National Holdings Corp. 0.3 -94.5 * 1.3 NMF * NMF *
Niska Gas Storage Partners LLC 1.7 -0.5 * 1.1 -2.8 * -4.4 *
Nortek, Inc. 0.5 131.1 * -1.3 * 22.0 11.2
Outerwall, Inc. 0.4 6.5 -1.7 * 6.3 3.8
Polycom, Inc. 1.4 75.5 * 3.4 42.5 * 18.1
Prime Pacific Financial Services, Inc. 1.5 11.9 1.2 NMF * NMF *
Qlik Technologies, Inc. 4.5 -86.3 * 9.6 -141.8 * -716.1 *
QLogic Corp. 2.9 28.8 2.6 26.4 14.8
Range Resources - Louisiana, Inc. 4.4 55.2 * 3.7 -1,169.9 * 15.2
ReachLocal, Inc. 0.4 -2.5 * -2.8 * -3.4 * -5.4 *
Relypsa, Inc. 39.6 * -5.8 * 12.9 * -6.5 * -6.6 *
Resource America, Inc. 4.6 39.5 2.6 NMF * NMF *
Rouse Properties, Inc. 3.4 153.2 * 2.5 NMF * NMF *
Sagent Pharmaceuticals, Inc. 2.4 -28.3 * 4.2 -13.3 * -17.0 *
SciQuest, Inc. 4.6 154.0 * 4.4 107.5 * 29.6 *
Sequenom, Inc. 2.5 -6.9 * -4.0 * -12.6 * -16.5 *
Sizmek, Inc. 0.6 -0.9 * 1.2 -0.8 * -1.0 *
Southern Company Gas 1.9 17.4 3.9 14.1 9.7
Starwood Hotels & Resorts Worldwide LLC 2.2 22.7 -20.1 * 19.1 14.1
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
www.mergerstat.com 56
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
Symmetry Surgical, Inc. 1.5 177.6 * 2.1 135.5 * 17.3
Talmer Bancorp, Inc. 4.9 26.2 2.4 NMF * NMF *
TECO Energy, Inc. 2.5 28.5 3.0 18.2 11.7
Tidelands Bancshares, Inc. 0.1 -1.2 * -0.2 * NMF * NMF *
TiVo Solutions, Inc. 2.3 51.2 * 6.2 30.2 23.2
Treasure State Bank 4.1 31.7 1.5 NMF * NMF *
Tumi Holdings, Inc. 3.3 28.6 8.7 18.4 15.1
United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 0.9 13.0 1.6 11.9 6.2
United Online, Inc. 1.0 19.9 1.9 23.0 9.6
USMD Holdings, Inc. 0.8 -167.8 * 6.1 36.5 * 17.2
Xenith Bankshares, Inc. /Old/ 2.9 26.9 1.3 NMF * NMF *
XenoPort, Inc. 9.3 -5.8 * 56.5 * -7.7 * -7.8 *
Xura, Inc. 2.1 -17.0 * -2.3 * -12.2 * -35.8 *
Your Community Bankshares, Inc. 3.0 14.2 1.7 NMF * NMF *
Range High 9.3 39.5 9.6 33.5 24.3
Low 0.008 1.8 0.1 6.3 3.8
Median: 2.5 21.0 2.0 20.8 14.1
Average: 2.8 21.1 2.9 20.6 13.7
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 57
Target Multiples (International)
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
Aayush Food & Herbs Ltd. 60.2 * -270.7 * 1.2 -205.0 * -365.7 *
Agalawatte Plantations PLC 0.3 -2.2 * 1.3 88.9 * 17.1
Aker ASA (Havfisk ASA) 2.7 17.3 12.1 * 14.7 10.3
Alcatel-Lucent SA 0.6 -205.4 * -3.1 * 77.1 * 18.5
Alpargatas SA 1.2 16.4 4.1 14.7 11.6
Aluminium Co. of Malaysia Bhd. 0.3 44.5 * 0.5 28.2 5.5
Antevenio SA 1.1 15.8 4.5 15.7 13.0
Axia NetMedia Corp. 0.004 0.06 2.6 0.03 0.02
Bankers Petroleum Ltd. 1.8 -124.4 * 0.6 -49.9 * 5.5
BMT Investment Holdings Pte Ltd. (British & Malayan
Trustees Ltd.)
6.8 -8.5 * 1.5 NMF * NMF *
China Automation Group Ltd. 0.6 -2.9 * 0.6 -8.2 * -219.2 *
China Calxon Group Co., Ltd. 2.5 -2.8 * 4.2 NMF * NMF *
China Smarter Energy Group Holdings Ltd. 10.1 * -26.7 * 3.6 70.0 * 28.7 *
Chubu Gas Co., Ltd. 0.3 12.9 0.6 28.9 7.5
City Developments Ltd. (City e-Solutions Ltd.) 11.1 * -16.7 * 2.3 NMF * NMF *
Daesung Fine Tech Co. Ltd. 8.8 94.1 * 10.8 * 71.7 * 55.9 *
Daiwa House REIT Investment Corp. /Old/ 17.0 * 35.4 2.1 NMF * NMF *
Daiyu Eight Co., Ltd. 0.1 6.2 0.9 10.2 6.3
Dalian Wanda Commercial Properties Co., Ltd. 1.5 6.5 1.2 NMF * NMF *
Dominion Citrus Income Fund 0.2 4.0 2.3 NMF * NMF *
E-Commerce China Dangdang, Inc. 0.4 -150.2 * 6.0 -150.2 * 88.8 *
E-House (China) Holdings Ltd. 1.1 116.7 * 1.2 NMF * NMF *
Ellipsiz Ltd. 0.5 6.6 0.7 6.7 4.8
Engineering Ingegneria Informatica SpA 1.0 16.7 2.4 10.2 8.8
Epicurean & Co. Ltd. 0.8 -8.7 * -4.4 * -14.1 * 87.0 *
ETView Medical Ltd. 5.5 -5.1 * 20.5 * -5.2 * -5.2 *
Excel Crop Care Ltd. 1.6 22.6 3.6 16.4 13.6
Fersa Energías Renovables SA 2.5 -5.8 * 1.4 -30.3 * 66.7 *
FNG Group NV 0.6 23.7 -4.9 * 17.0 9.6
Gas Natural SDG SA (Gasco SA) 0.3 6.0 0.5 5.5 3.9
General Electric Co. (Bank BPH SA) 2.8 -1.9 * 0.7 NMF * NMF *
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
www.mergerstat.com 58
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
Glory Mark Hi-Tech (Holdings) Ltd. 1.5 -79.6 * 2.8 -110.9 * 158.7 *
Grand Concord International Holdings Ltd. 1.4 59.0 * 1.9 30.9 13.8
Greenland Financial Overseas Investment Group Co.
Ltd. (China Greenland Rundong Auto Group Ltd.)
0.2 18.5 1.9 16.2 11.7
Halcyon Agri Corp. Ltd. 0.3 31.0 -2.6 * NMF * NMF *
Hawk Exploration Ltd. 0.5 -0.5 * 0.2 -2.0 * -4.6 *
Hewlett Packard Enterprise Co. (Mphasis Ltd.) 1.5 13.5 2.3 9.9 9.2
Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 1.0 -1.2 * 0.8 -2.0 * -3.0 *
Hwang Capital (Malaysia) Bhd. 10.2 * 18.5 0.8 NMF * NMF *
iDreamSky Technology Ltd. 3.2 -316.1 * 3.5 216.2 * NMF *
Imperial dd 4.3 32.9 1.6 28.5 13.8
Industria Textil Piura SA 0.02 -0.04 * 0.02 -4.4 * NMF *
InnVest Real Estate Investment Trust 1.7 -49.5 * 5.4 NMF * NMF *
ISARIA Wohnbau AG 1.3 85.0 * 6.2 NMF * NMF *
Land & Leisure A/S 1.6 18.1 5.8 NMF * NMF *
Lentex SA (Novita SA) 1.5 10.5 1.7 8.7 6.5
Mareterram Ltd. 76.5 * -45.1 * 2.3 -35.2 * -174.3 *
Meda AB 3.0 50.9 * -2.3 * 35.3 * 15.1
Medtech SAS 13.6 * -26.6 * 11.9 * -28.6 * -30.1 *
Migao Corp. 0.08 -1.5 * 0.1 -33.1 * -74.9 *
Mols-Linien A/S 0.9 9.5 6.8 12.0 8.1
Neptune Orient Lines Ltd. 0.4 -10.9 * 1.0 -79.4 * NMF *
Norway Seafoods Group AS 0.04 -1.9 * 1.8 -77.1 * 28.4 *
Orolia SA 0.8 12.5 -16.0 * 15.0 NMF *
Ovivo, Inc. 0.5 23.3 2.7 16.5 11.1
Prism Medical Ltd. 1.1 296.8 * 9.3 74.7 * 19.2
Qihoo 360 Technology Co., Ltd. 6.4 42.6 * 14.7 * 34.2 26.6 *
QTC Energy PCL 1.3 15.1 3.3 13.0 10.1
Raimount Energy, Inc. 21.5 * -4.3 * 0.5 -3.3 * -3.6 *
Rock Energy, Inc. 0.9 -7.2 * 0.4 -40.5 * 4.4
RR Media Ltd. 1.7 29.8 5.1 26.4 12.7
Saft Groupe SA 1.3 70.1 * 6.2 41.0 * 11.3
Sala House Co., Ltd. 0.1 15.7 0.6 22.2 17.9
Mergerstat Control Premium Study
3rd Quarter 2016
(1) EBIT and EBITDA multiples are not meaningful for financial institutions.
* Not used in range, average or median calculations.
NA = Not available NMF = Not meaningful
www.mergerstat.com 59
Target Name
Target
P/Sales
Target
P/Income
Target
P/Book Value
Target
TIC/EBIT(1)
Target
TIC/EBITDA(1)
Select Group Ltd. 0.5 10.4 3.9 NMF * NMF *
Shun Cheong Holdings Ltd. 1.6 -1.0 * -2.2 * -3.2 * -4.0 *
SMART Technologies, Inc. 0.2 -0.9 * -0.9 * -8.1 * -15.1 *
Société des Produits Marnier Lapostolle SA 5.2 61.9 * 4.8 33.5 25.0 *
Striker Exploration Corp. 1.6 -1.5 * 0.5 -1.8 * -5.1 *
Superglass Holdings PLC 0.4 -1.2 * 0.7 -1.2 * -1.9 *
Sweett Group PLC 0.5 -5.5 * 26.1 * -6.6 * -8.2 *
Takson Holdings Ltd. 4.6 -28.7 * 18.4 * -40.0 * -43.1 *
TNT Express NV 0.7 -20.4 * 4.4 -42.3 * 73.7 *
Top REIT, Inc. 7.4 42.1 * 0.9 NMF * NMF *
Toyo Seikan Group Holdings Ltd. (Malaysia Packaging
Industry Bhd.)
0.08 -0.9 * 0.3 -8.7 * -47.9 *
U Banquet Group Holding Ltd. 1.4 21.7 7.3 18.0 12.2
UNY Group Holdings Co., Ltd. 0.2 -97.7 * 0.9 101.4 * 10.7
USG People NV 0.6 35.9 -5.9 * 23.2 17.3
Vivoline Medical AB 35.5 * -7.1 * 7.8 -7.1 * -7.8 *
Wema Bank PLC (Great Nigerian Insurance PLC) 1.6 -22.4 * 0.8 NMF * NMF *
Wincor Nixdorf AG 0.6 230.2 * 44.8 * 71.8 * 22.8
Wireless Group PLC 3.9 10.0 -5.6 * 9.9 9.4
Wong Engineering Corp. Bhd. 1.8 -130.8 * 1.1 NMF * NMF *
Yageo Corp. (Luminous Town Electric Co., Ltd.) 0.7 -152.4 * 1.0 120.9 * 25.8 *
Yoho Resources, Inc. 4.1 -0.5 * 0.6 -0.4 * -0.4 *
Yuhua Energy Holdings Ltd. 0.2 -70.7 * 2.0 82.5 * NMF *
Range: High 8.8 35.9 9.3 34.2 22.8
Low 0.004 0.06 0.02 0.03 0.02
Median: 1.0 15.8 1.7 15.9 10.9
Average: 1.6 16.7 2.4 17.4 11.0
Mergerstat Control Premium Study
3rd Quarter 2016
Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 60
Target Demographics (Domestic)
Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
1st Century Bancshares, Inc. (California) FCTY NASDAQ United States United States C U.S. Dollar
American Science & Engineering, Inc. ASEI NASDAQ United States United States C U.S. Dollar
Apollo Residential Mortgage, Inc. AMTG NYSE United States United States C,S U.S. Dollar
Avenue Financial Holdings, Inc. AVNU NASDAQ United States United States C,S U.S. Dollar
Axiall Corp. AXLL NYSE United States United States C U.S. Dollar
Bremen Bancorp, Inc. BBIM OTC United States United States C U.S. Dollar
C1 Financial, Inc. BNK NYSE United States United States S U.S. Dollar
Cardinal Bankshares Corp. CDBK OTC United States United States S U.S. Dollar
Ceres, Inc. CERE NASDAQ United States United States C Friendly U.S. Dollar
Coast Bancorp (San Luis Obispo, California) CTBP OTC United States United States C,S U.S. Dollar
Columbia Pipeline Group, Inc. CPGX NYSE United States Canada C U.S. Dollar
Cordia Bancorp, Inc. BVA NASDAQ United States United States C U.S. Dollar
Delaware Bancshares, Inc. DBAI OTC United States United States C,S U.S. Dollar
Demandware, Inc. DWRE NYSE United States United States C Friendly U.S. Dollar
Diamond Resorts International, Inc. DRII NYSE United States United States C Friendly U.S. Dollar
Dominion Questar Corp. STR NYSE United States United States C U.S. Dollar
DreamWorks Animation SKG, Inc. DWA NASDAQ United States United States C U.S. Dollar
Electro Rent Corp. ELRC NASDAQ United States United States C U.S. Dollar
Elizabeth Arden, Inc. RDEN NASDAQ United States United States C U.S. Dollar
EMC Corp. EMC NYSE United States United States C,S U.S. Dollar
EPIQ Systems, Inc. EPIQ NASDAQ United States United States C U.S. Dollar
ExamWorks Group, Inc. EXAM NYSE United States United States C U.S. Dollar
Fairchild Semiconductor International, Inc. FCS NASDAQ United States United States C Friendly U.S. Dollar
FEI Co. FEIC NASDAQ United States United States C U.S. Dollar
First Clover Leaf Financial Corp. FCLF NASDAQ United States United States C,S U.S. Dollar
First Marblehead Corp. FMD NYSE United States Canada C U.S. Dollar
First Niagara Financial Group, Inc. FNFG NASDAQ United States United States C,S U.S. Dollar
FirstMerit Corp. FMER NASDAQ United States United States C,S U.S. Dollar
Foundation Bancorp, Inc. (Washington) FDNB OTC United States United States C,S U.S. Dollar
Fox Chase Bancorp, Inc. FXCB NASDAQ United States United States C,S U.S. Dollar
Golden Enterprises, Inc. GLDC NASDAQ United States United States C U.S. Dollar
Hansen Medical, Inc. HNSN NASDAQ United States United States C U.S. Dollar
Harmony Bank Jackson NJ HRMB OTC United States United States C,S U.S. Dollar
Hatteras Financial Corp. HTS OTC United States United States C,S Friendly U.S. Dollar
HeartWare International, Inc. HTWR NASDAQ United States Ireland C Friendly U.S. Dollar
Higher One Holdings, Inc. ONE NYSE United States United States C Friendly U.S. Dollar
Imprivata, Inc. IMPR NYSE United States United States C U.S. Dollar
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Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
Johnson Controls, Inc. JCI NYSE United States Ireland C,S U.S. Dollar
Kreisler Manufacturing Corp. KRSL OTC United States United States C U.S. Dollar
Krispy Kreme Doughnuts, Inc. KKD NYSE United States Luxembourg C U.S. Dollar
LaPorte Bancorp, Inc. LPSB NASDAQ United States United States C,S U.S. Dollar
LDR Holding Corp. LDRH NASDAQ United States United States C Friendly U.S. Dollar
Linn Energy LLC LINEQ OTC United States United States S Friendly U.S. Dollar
Marketo, Inc. MKTO NASDAQ United States United States C U.S. Dollar
Mattress Firm Holding Corp. MFRM NASDAQ United States Netherlands C Friendly U.S. Dollar
Medivation, Inc. MDVN NASDAQ United States United States C Friendly U.S. Dollar
National Holdings Corp. NHLD NASDAQ United States United States C Friendly U.S. Dollar
Niska Gas Storage Partners LLC NKA NYSE United States Bermuda C U.S. Dollar
Nortek, Inc. NTK NASDAQ United States
United
Kingdom C Friendly U.S. Dollar
Outerwall, Inc. OUTR NASDAQ United States United States C Friendly U.S. Dollar
Polycom, Inc. PLCM NASDAQ United States United States C U.S. Dollar
Prime Pacific Financial Services, Inc. PPFS OTC United States United States S U.S. Dollar
Qlik Technologies, Inc. QLIK NASDAQ United States United States C U.S. Dollar
QLogic Corp. QLGC NASDAQ United States United States C,S Friendly U.S. Dollar
Range Resources - Louisiana, Inc. MRD NASDAQ United States United States S U.S. Dollar
ReachLocal, Inc. RLOC NASDAQ United States United States C Friendly U.S. Dollar
Relypsa, Inc. RLYP NASDAQ United States Switzerland C Friendly U.S. Dollar
Resource America, Inc. REXI NASDAQ United States United States C U.S. Dollar
Rouse Properties, Inc. RSE NYSE United States Canada C U.S. Dollar
Sagent Pharmaceuticals, Inc. SGNT NASDAQ United States Japan C Friendly U.S. Dollar
SciQuest, Inc. SQI NASDAQ United States United States C U.S. Dollar
Sequenom, Inc. SQNM NASDAQ United States United States C Friendly U.S. Dollar
Sizmek, Inc. SZMK NASDAQ United States United States C Friendly U.S. Dollar
Southern Company Gas GAS NYSE United States United States C U.S. Dollar
Starwood Hotels & Resorts Worldwide LLC HOT NYSE United States United States C,S U.S. Dollar
Symmetry Surgical, Inc. SSRG NASDAQ United States United States C U.S. Dollar
Talmer Bancorp, Inc. TLMR NASDAQ United States United States C,S U.S. Dollar
TECO Energy, Inc. TE NYSE United States Canada C U.S. Dollar
Tidelands Bancshares, Inc. TDBK OTC United States United States C U.S. Dollar
TiVo Solutions, Inc. TIVO NASDAQ United States United States C,S U.S. Dollar
Treasure State Bank TRSU OTC United States United States C,S U.S. Dollar
Tumi Holdings, Inc. TUMI NYSE United States Luxembourg C U.S. Dollar
United Engineers Ltd. (Multi-Fineline Electronix, Inc.) MFLX NASDAQ United States China C U.S. Dollar
United Online, Inc. UNTD NASDAQ United States United States C U.S. Dollar
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Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
USMD Holdings, Inc. USMD NASDAQ United States United States C U.S. Dollar
Xenith Bankshares, Inc. /Old/ XBKS NASDAQ United States United States S U.S. Dollar
XenoPort, Inc. XNPT NASDAQ United States United States C Friendly U.S. Dollar
Xura, Inc. MESG NASDAQ United States United States C U.S. Dollar
Your Community Bankshares, Inc. YCB NASDAQ United States United States C,S U.S. Dollar
Mergerstat Control Premium Study
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Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 63
Target Demographics (International)
Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
Aayush Food & Herbs Ltd. 539528 Bombay India India C Neutral Indian Rupee
Agalawatte Plantations PLC AGAL.N0000 Colombo Sri Lanka Sri Lanka C Sri Lankan Rupee
Aker ASA (Havfisk ASA) HFISK Oslo Bors Norway Norway C Norwegian Krone
Alcatel-Lucent SA ALU Euronext Paris France Finland S Friendly Euro
Alpargatas SA ALPA3 BM&F Bovespa
SA
Brazil Brazil C Neutral Brazilian Real
Aluminium Co. of Malaysia Bhd. 2674 Kuala Lumpur Malaysia Malaysia C Malaysian Ringgit
Antevenio SA ALANT Euronext Paris Spain Spain C Euro
Axia NetMedia Corp. AXX Toronto Canada Switzerland C Canadian Dollar
Bankers Petroleum Ltd. BNK Toronto Canada China C Canadian Dollar
BMT Investment Holdings Pte Ltd. (British &
Malayan Trustees Ltd.)
B08 Singapore Singapore Singapore C Singapore Dollar
China Automation Group Ltd. 569 Hong Kong China British Virgin
Islands
C Friendly Chinese Yuan
Renminbi
China Calxon Group Co., Ltd. 000918 Shenzhen China China C Chinese Yuan
Renminbi
China Smarter Energy Group Holdings Ltd. 1004 Hong Kong Hong Kong British Virgin
Islands
C Hong Kong Dollar
Chubu Gas Co., Ltd. 9540 Nagoya Japan Japan S Japanese Yen
City Developments Ltd. (City e-Solutions Ltd.) 557 Hong Kong Hong Kong China C Hong Kong Dollar
Daesung Fine Tech Co. Ltd. 104040 Korea Stock
Exchange
South Korea South Korea C Korean Won
Daiwa House REIT Investment Corp. /Old/ 3263 Tokyo Japan Japan S Japanese Yen
Daiyu Eight Co., Ltd. 2662 Tokyo Japan Japan S Japanese Yen
Dalian Wanda Commercial Properties Co., Ltd. 3699 Hong Kong China China C Chinese Yuan Renminbi
Dominion Citrus Income Fund DOM.UT Toronto Canada Canada C Canadian Dollar
E-Commerce China Dangdang, Inc. DANG NYSE China China C Chinese Yuan
Renminbi
E-House (China) Holdings Ltd. EJ Not Traded China China C Chinese Yuan
Renminbi
Ellipsiz Ltd. BIX Singapore Singapore Singapore C Friendly Singapore Dollar
Engineering Ingegneria Informatica SpA ENG Borsa Italiana
SpA
Italy United Kingdom C Friendly Euro
Epicurean & Co. Ltd. 8213 Hong Kong Hong Kong British Virgin
Islands
C Hong Kong Dollar
ETView Medical Ltd. ETVW Tel Aviv Israel Denmark C Israeli New Shekel
Excel Crop Care Ltd. 532511 Bombay India Japan C Neutral Indian Rupee
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Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
Fersa Energías Renovables SA FRS Mercado Continuo Espanol
(SIBE)
Spain Spain C Friendly Euro
FNG Group NV FNG Euronext Brussels Belgium Netherlands S Euro
Gas Natural SDG SA (Gasco SA) GASCO Santiago Chile Chile C Friendly Chilean Peso
General Electric Co. (Bank BPH SA) BPH Warsaw Stock
Exchange
Poland Poland C Neutral Polish Zloty
Glory Mark Hi-Tech (Holdings) Ltd. 8159 Hong Kong Hong Kong Hong Kong C Hong Kong Dollar
Grand Concord International Holdings Ltd. 844 Hong Kong Hong Kong China C Hong Kong Dollar
Greenland Financial Overseas Investment Group
Co. Ltd. (China Greenland Rundong Auto Group Ltd.)
1365 Hong Kong China British Virgin
Islands
C Chinese Yuan
Renminbi
Halcyon Agri Corp. Ltd. 5VJ Singapore Singapore China C Friendly Singapore Dollar
Hawk Exploration Ltd. HWK.A TSX Venture
Exchange
Canada Canada C Canadian Dollar
Hewlett Packard Enterprise Co. (Mphasis Ltd.) 526299 Bombay India United States C Indian Rupee
Hindalco Industries Ltd. (Aditya Birla Minerals
Ltd.)
ABY Australian
Securities
Exchange
Australia Australia C,S Hostile Australian Dollar
Hwang Capital (Malaysia) Bhd. 6688 Kuala Lumpur Malaysia Malaysia C Friendly Malaysian Ringgit
iDreamSky Technology Ltd. DSKY NASDAQ China China C Chinese Yuan
Renminbi
Imperial dd HIMR.R.A Zagreb Croatia Croatia C Croatian Kuna
Industria Textil Piura SA PIURAC1.OPA Lima Peru Peru C Friendly Peruvian Nuevo Sol
InnVest Real Estate Investment Trust INN.UT Toronto Canada Canada C Canadian Dollar
ISARIA Wohnbau AG IWB Frankfurt Germany Bermuda C Friendly Euro
Land & Leisure A/S LL.A OMX Nordic
Copenhagen
Denmark Germany C Friendly Danish Krone
Lentex SA (Novita SA) NVT Warsaw Stock Exchange
Poland Israel C Polish Zloty
Mareterram Ltd. MTM Australian
Securities
Exchange
Australia South Africa C Friendly Australian Dollar
Meda AB MEDA.A NASDAQ OMX
Stockholm
Sweden United Kingdom C,S Friendly Swedish Krona
Medtech SAS ROSA Euronext Paris France United States C Euro
Migao Corp. MGO Toronto Canada Canada C Canadian Dollar
Mols-Linien A/S MOLS OMX Nordic
Copenhagen
Denmark Denmark C Friendly Danish Krone
Neptune Orient Lines Ltd. N03 Singapore Singapore France C Singapore Dollar
Norway Seafoods Group AS NWSF Norwegian OTC
Market
Norway Norway C Norwegian Krone
Orolia SA ALORO Euronext Paris France France C Euro
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Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
Ovivo, Inc. OVI.A Toronto Canada Germany C Canadian Dollar
Prism Medical Ltd. PM TSX Venture Exchange
Canada Sweden C Canadian Dollar
Qihoo 360 Technology Co., Ltd. QIHU Not Traded China China C Chinese Yuan
Renminbi
QTC Energy PCL QTC Stock Exchange
of Thailand
Thailand Thailand C Neutral Thai Baht
Raimount Energy, Inc. RMT TSX Venture
Exchange
Canada Canada S,X Canadian Dollar
Rock Energy, Inc. RE Toronto Canada Canada S Canadian Dollar
RR Media Ltd. RRM NASDAQ Israel Luxembourg C Israeli New Shekel
Saft Groupe SA SAFT Euronext Paris France France C Friendly Euro
Sala House Co., Ltd. 1405 Tokyo Japan Japan S Japanese Yen
Select Group Ltd. 5FQ Singapore Singapore Cayman Islands C Hostile Singapore Dollar
Shun Cheong Holdings Ltd. 650 Hong Kong Hong Kong British Virgin
Islands
C Hong Kong Dollar
SMART Technologies, Inc. SMT NASDAQ Canada Taiwan C Friendly Canadian Dollar
Société des Produits Marnier Lapostolle SA MALA Euronext Paris France Italy C Friendly Euro
Striker Exploration Corp. SKX TSX Venture
Exchange
Canada Canada S Canadian Dollar
Superglass Holdings PLC SPGH London Stock
Exchange
United
Kingdom
Cyprus C Friendly British Pound
Sweett Group PLC CSG London Stock
Exchange
United
Kingdom
Egypt C British Pound
Takson Holdings Ltd. 918 Hong Kong Hong Kong China C Hong Kong Dollar
TNT Express NV TNTEF OTC Netherlands United States C Friendly Euro
Top REIT, Inc. 8982 Tokyo Japan Japan S Japanese Yen
Toyo Seikan Group Holdings Ltd. (Malaysia
Packaging Industry Bhd.)
8905 Kuala Lumpur Malaysia Japan C Malaysian Ringgit
U Banquet Group Holding Ltd. 1483 Hong Kong Hong Kong Hong Kong C Hong Kong Dollar
UNY Group Holdings Co., Ltd. 8270 Tokyo Japan Japan S Japanese Yen
USG People NV USG Euronext
Amsterdam
Netherlands Japan C Friendly Euro
Vivoline Medical AB VIVO NASDAQ OMX
Stockholm
Sweden Sweden C,S Friendly Swedish Krona
Wema Bank PLC (Great Nigerian Insurance
PLC)
GNI Nigerian Stock
Exchange
Nigeria Nigeria C Nigerian Naira
Wincor Nixdorf AG WIN XETRA Germany United States C,S Friendly Euro
Wireless Group PLC WLG London Stock
Exchange
United
Kingdom
United States C Neutral British Pound
Wong Engineering Corp. Bhd. 7050 Kuala Lumpur Malaysia Malaysia C Malaysian Ringgit
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Target Name
Target
Ticker
Target
Exchange
Target
Country
Acquirer
Country
Consider-
ation Nature Currency
Yageo Corp. (Luminous Town Electric Co., Ltd.)
8218 Gretai Securities Market
Taiwan Hong Kong C Taiwan Dollar
Yoho Resources, Inc. YO TSX Venture
Exchange
Canada United States C,S Canadian Dollar
Yuhua Energy Holdings Ltd. 2728 Hong Kong Hong Kong Hong Kong C Friendly Hong Kong Dollar
Mergerstat Control Premium Study
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Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 67
Company Descriptions (Domestic)
Target Name Target Business Description Acquirer Business Description
1st Century Bancshares, Inc.
(California)
Operates as a bank holding company, which
through its subsidiary provides banking
services
Operates as a bank holding company
American Science & Engineering,
Inc.
Develops, manufactures, markets X-ray
inspection and other detection products for
homeland security
Designs and manufactures specialized
electronic systems and components for critical
applications
Apollo Residential Mortgage, Inc. Acts as Private Equity Fund Operates as a real estate investment trust
Avenue Financial Holdings, Inc. Operates as a bank holding company Operates as a bank holding company whose
subsidiary provides banking services
Axiall Corp. Engages in the manufacturing and marketing
of chemicals and building products
Manufactures and supplies petrochemicals and
fabricated products
Bremen Bancorp, Inc. State commercial bank Manufactures fabrication steel products and
operates as a bank holding company
C1 Financial, Inc. Provides banking services Operates as a bank holding company whose
subsidiary provides banking services
Cardinal Bankshares Corp. Operates as a bank holding company Operates as a bank holding company
Ceres, Inc. Develops and markets low-carbon & non-food
grasses for advanced biofuels and biopower
Produces and distributes dairy products
Coast Bancorp (San Luis Obispo,
California)
Operates as a bank holding company Operates as a bank holding company
Columbia Pipeline Group, Inc. Provides gas transportation and storage
services
Provides natural gas transportation services
Cordia Bancorp, Inc. Provides banking and financial services Operates as a bank holding company
Delaware Bancshares, Inc. Operates commercial banks as a bank holding
company
Operates as a bank holding company with
Interest in providing banking services
Demandware, Inc. Provides cloud-based digital commerce
solutions for retailers and branded
manufacturers
Develops on-demand customer relationship
management software technology
Diamond Resorts International, Inc. Provides resort management services Acts as an alternative investment manager
Dominion Questar Corp. Distributes natural gas Produces and distributes electricity, natural
gas and related services
DreamWorks Animation SKG, Inc. Engages in the business of development,
production and exploitation of animated films
and their associated characters
Provides entertainment, information and
communications products and services
Electro Rent Corp. Engages in the rental, lease & sale of
electronic test & measurement and electrical
test equipment
Acts as an alternative investment manager
Elizabeth Arden, Inc. Manufactures and distributes prestige
fragrances and related cosmetic products
Manufactures and distributes hair and skincare
products
EMC Corp. Develops and provides information and
infrastructure technology and solutions
Private group led by Dell Inc, Michael S Dell,
founder, chairman and chief executive officer
of Dell, MSD Partners and Silver Lake
EPIQ Systems, Inc. Provides integrated technology solutions for
the legal profession
Provides legal support and document
discovery and outsourcing services
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Target Name Target Business Description Acquirer Business Description
ExamWorks Group, Inc. Provides independent medical examinations,
bill reviews and related services to insurance
parties
Provides investment fund management
services
Fairchild Semiconductor
International, Inc.
Designs, develops and markets analog
discrete, logic, and non-volatile memory
semiconductors
Manufactures and develops semiconductors
FEI Co. Manufactures and distributes laboratory
analytical instruments
Develops, manufactures, and markets
analytical and environment monitoring
instruments
First Clover Leaf Financial Corp. Operates as a bank holding company, which
through its subsidiary provides banking
services
Operates as a bank holding company
First Marblehead Corp. Operates an education finance company that
specializes in program engineering and asset
securitization.
Operates as an investment holding company
First Niagara Financial Group, Inc. Operates as a bank holding company Operates as a bank holding company whose
subsidiary provides banking services
FirstMerit Corp. Operates as banks holding company Operates as a bank holding company
Foundation Bancorp, Inc.
(Washington)
Bank holding company Operates as a holding company
Fox Chase Bancorp, Inc. Operates as a bank holding company Provides banking, insurance and investment
services
Golden Enterprises, Inc. Manufactures and distributes bakery foods Manufactures potato chips and snacks
Hansen Medical, Inc. Develops medical robotics designed for
positioning, manipulation and stable control of
catheters and catheter-based technologies
Develops robotics technology for medical
applications
Harmony Bank Jackson NJ Provides banking services Operates as a bank holding company
Hatteras Financial Corp. Operates as a mortgage real estate investment
trust
Operates as real estate investment trust
HeartWare International, Inc. Develops and manufactures small implantable
heart pumps
Provides medical technology services
Higher One Holdings, Inc. Provides technology-based refund
disbursement, payment processing, and data
analytics services
Provides enterprise software applications and
related services to the education industry
Imprivata, Inc. Provides authentication and access
management technology solutions
Acts as an alternative investment manager
Johnson Controls, Inc. Operates as a global diversified technology
and industrial business
Provides security products & services; fire
detection and suppression products & services;
and life safety products
Kreisler Manufacturing Corp. Engages in the manufacture of precision
components and pipe assemblies for use in
commercial aircraft engines and industrial gas
turbines
Provides engineered flexible liquid and gas
conveyance products and systems
Krispy Kreme Doughnuts, Inc. Operates as a retailer and wholesaler of
doughnuts and packaged sweets
Operates as a investment holding company
with interest in diversified sectors
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Target Name Target Business Description Acquirer Business Description
LaPorte Bancorp, Inc. Operates as bank holding company Operates as a bank holding company
LDR Holding Corp. Engages in designing and commercializing of
novel and proprietary surgical technologies for
the treatment of patients suffering from spine
disorders
Manufactures and distributes orthopedic
reconstructive implants
Linn Energy LLC Engages in exploration of crude petroleum and
natural gas
Operates as a development stage company
Marketo, Inc. Provides cloud-based marketing software
platform
Acts as an alternative investment manager
Mattress Firm Holding Corp. Engages in the retailing of mattresses and
related products and accessories
Manufactures and retails furniture, household
goods and clothing
Medivation, Inc. Engages in the development of novel small
molecule drugs to treat serious diseases
Manufactures vaccines and injectable biologic
medicines
National Holdings Corp. Operates as a holding company with interests
in providing investment banking services
Develops novel immunotherapy biologic
agents
Niska Gas Storage Partners LLC Owns and operates natural gas storage assets Owns and operates utilities, transport, energy
and communications infrastructure assets
Nortek, Inc. Manufactures and distributes building
ventilation products for residential and
commercial applications
Specializes in the acquisition and performance
improvement of manufacturing and industrial
businesses
Outerwall, Inc. Provides automated retail solutions, coin
counting and other electronic services
Provides global alternative asset management
services
Polycom, Inc. Provides solutions for video, voice, data and
web communication
Acts as an alternative investment manager
Prime Pacific Financial Services,
Inc.
Provides commercial banking services Operates as a bank holding company, which
through its subsidiaries engages in the
provision of banking and financial solutions
Qlik Technologies, Inc. Designs and develops business intelligence
software solutions
Acts as an alternative investment manager
QLogic Corp. Designs and supplies server and storage
networking connectivity products
Manufactures and distributes semiconductor
hardware
Range Resources - Louisiana, Inc. Operates as a crude petroleum and natural gas Explores, acquires and develops oil and gas
properties
ReachLocal, Inc. Offers a comprehensive suite of online
marketing solutions, which assists small and
medium-sized businesses acquire, transact
with, and retain customers online
Provides print and digital publishing services
Relypsa, Inc. Discovers and develops non-absorbed
polymeric drugs for applications in
cardiovascular and renal diseases
Develops and markets pharmaceutical
products and provides logistical & database
services
Resource America, Inc. Operates as asset management company Acts as an alternative investment manager
Rouse Properties, Inc. Owns and operates retail properties Operates as alternative asset manager which
owns, manages and operates real estate,
financial and power generation related
businesses
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Target Name Target Business Description Acquirer Business Description
Sagent Pharmaceuticals, Inc. Develops, manufactures, and markets
pharmaceutical products
Manufactures and distributes pharmaceutical
drugs
SciQuest, Inc. Develops and wholesales procurement
software solutions
Acts as an alternative investment manager
Sequenom, Inc. Provides genomic and genetic analysis
solutions
Provides medical testing services
Sizmek, Inc. Operates as a global ad campaign management
and distribution platform company
Acts as an alternative investment manager
Southern Company Gas Operates as an energy services holding
company
Generates and supplies electricity
Starwood Hotels & Resorts
Worldwide LLC
Owns and operates hotels and resorts Operates and franchises hotels and related
lodging facilities
Symmetry Surgical, Inc. Manufactures comprehensive surgical
instruments for orthopedic and other medical
device disciplines
Acts as an alternative investment manager
Talmer Bancorp, Inc. Operates as a bank holding company Operates as a bank holding company whose
subsidiary provides banking services
TECO Energy, Inc. Operates as a holding company, which
provides retail electric utility services
Provides energy generation and transmission
services
Tidelands Bancshares, Inc. Operates as a bank holding company, through
its subsidiary provides banking services
Operates as a bank holding company with
interest in providing consumer and business
banking services
TiVo Solutions, Inc. Provides broadband television services and
products
Provides managing services for digital content
Treasure State Bank Provides banking services Operates as a bank holding company with
interest in providing commercial banking
services
Tumi Holdings, Inc. Manufactures and distributes travel and
business products as well as accessories
Manufactures and markets travel luggages
United Engineers Ltd. (Multi-
Fineline Electronix, Inc.)
Produces printed circuits and circuit
assemblies
Designs and manufactures sheet metal parts
United Online, Inc. Provides consumer products and services over
the internet
Operates as an independent investment bank
USMD Holdings, Inc. Provides healthcare services Provides hospital and medical service plans
Xenith Bankshares, Inc. /Old/ Operates as a bank holding company Provides banking and financial services
XenoPort, Inc. Operates as a biopharmaceutical company Develops pharmaceutical products which
focuses on cardiovascular, hospital and
pediatric markets
Xura, Inc. Provides digital communications solutions for
communication service providers
Acts as an alternative investment manager
Your Community Bankshares, Inc. Operates as a holding company with interests
in provides banking services
Operates as a bank holding company
Mergerstat Control Premium Study
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Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 71
Company Descriptions (International)
Target Name Target Business Description Acquirer Business Description
Aayush Food & Herbs Ltd. Manufacturing and preparation of ayurvedic
and pharmaceutical products
A private group led by Mrs. Pallavi Mittal
Agalawatte Plantations PLC Cultivates and produces tea, rubber and oil
palm
Operates as an investment holding company
with interests in plantation and power sector
Aker ASA (Havfisk ASA) Provides fishing services Farms and processes fish
Alcatel-Lucent SA Provides communications solutions to
telecommunications companies, Internet
service providers and voice, data and video
providers
Provides network infrastructure, technology
and software services
Alpargatas SA Manufactures and distributes industrial
textiles and sporting goods
Operates as a holding company with an
interest in animal protein processing,
footwear, clothing, dairy, household cleaning,
personal care, cellulose production, banking,
and agribusiness
Aluminium Co. of Malaysia Bhd. Manufactures and trades aluminum sheet &
foil products
Operates as an investment holding company
Antevenio SA Provides online advertising and marketing
services
Provides marketing services
Axia NetMedia Corp. Provides high-speed Internet protocol network
services and interactive media software
applications
Acts as an alternative investment manager
Bankers Petroleum Ltd. Explores for oil and natural gas Explores for petroleum
BMT Investment Holdings Pte Ltd.
(British & Malayan Trustees
Ltd.)
Provides trustee and advisory services Provides financial services
China Automation Group Ltd. Provides safety and critical control systems,
control valves, traction systems and related
products mainly for the petrochemical and
railway industries
Provides investment services
China Calxon Group Co., Ltd. Develops and manages real estate properties;
provides consultancy services
Develops and manages real estate properties
China Smarter Energy Group
Holdings Ltd.
Engages in trading in securities and fur skins,
manufacture and sale of fur garments and
business of mining natural resources
Operates as an investment holding company
Chubu Gas Co., Ltd. Distributes gas and sells home-use gas
conditioning and cooling and heating
equipment
Operates as a holding company which
provides energy distribution and engineering
works through its subsidiaries
City Developments Ltd. (City e-
Solutions Ltd.)
Operates as an investment holding company,
which engages in the provision of consultancy
services
Manufactures electrolytic manganese metals
Daesung Fine Tech Co. Ltd. Manufactures fine blanking die components
for automobiles
Private group led by Eun-jung Lee, Kyung-ho
Cho, Jun-sam Lee, Dae-sik Lee, Moon-dong-
gun Seo, Jung-ja Jung, Suk-jin Choi and Ki-
hyun Jung
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Target Name Target Business Description Acquirer Business Description
Daiwa House REIT Investment
Corp. /Old/
Real Estate Investment Trust/REIT Operates as a real estate investment trust
company
Daiyu Eight Co., Ltd. Operates a chain of home improvement,
stationary and drug stores
Operates the home center and pet shop chain
Dalian Wanda Commercial
Properties Co., Ltd.
Engages in the real estate development and
investment
Provides investment services
Dominion Citrus Income Fund Acts as Closed-End Investment
Fund/Investment Trust
A private group led by Paul Scarafile
E-Commerce China Dangdang, Inc. Provides business-to-consumer e-commerce
services
Private group led by the management of E-
Commerce China Dangdang Inc, Ms. Peggy
Yu, Chairwoman of the Board, and Mr.
Guoqing Li, director and CEO
E-House (China) Holdings Ltd. Investment holding company with interest in
real estate investment
A private group led by E-House (China)
Holdings Ltd Co-Chairman Mr. Xin Zhou,
board member Mr. Neil Nanpeng Shen, their
respective affiliates, and SINA Corp
Ellipsiz Ltd. Operates as an investment holding company,
which provides engineering and advanced
packaging solutions to the semiconductor
industry
Operates as an investment holding company
Engineering Ingegneria Informatica
SpA
Provides software engineering and systems
integration services
Operates as a private equity advisory firm
Epicurean & Co. Ltd. Operates as an investment holding company,
which engages in food and beverage business
Provides investment services
ETView Medical Ltd. Manufactures medical imaging devices Manufactures and markets diagnostic and life
supporting devices for hospitals
Excel Crop Care Ltd. Manufactures and markets agrochemicals Manufactures and distributes basic chemicals,
petrochemicals, fine and agrichemicals
Fersa Energías Renovables SA Generates renewable energy Provides collection services
FNG Group NV Designs, manufactures and distributes
clothing for children up to 14 years old
Operates retail clothing stores
Gas Natural SDG SA (Gasco SA) Produces and distributes natural and
petroleum gas products
Private group led by the Pérez Cruz family
General Electric Co. (Bank BPH
SA)
Provides commercial banking services Provides commercial banking services
Glory Mark Hi-Tech (Holdings)
Ltd.
Operates as an investment holding company
with interest in manufacturing and selling
computers and peripheral products
Operates as an investment holding company
Grand Concord International
Holdings Ltd.
Operates as an investment holding company,
which engages in the manufacturing of knitted
fabrics and innerwear
Provides investment holding services
Greenland Financial Overseas
Investment Group Co. Ltd.
(China Greenland Rundong
Auto Group Ltd.)
Provides motor vehicles dealership services Operates as an investment holding company
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Target Name Target Business Description Acquirer Business Description
Halcyon Agri Corp. Ltd. Operates as an investment holding company,
which produces and markets technically
specified rubber
Distributes agricultural use chemical products
and provides logistics services
Hawk Exploration Ltd. Engages in the exploration, development and
production of conventional crude oil and
natural gas
Producer of oil & gas
Hewlett Packard Enterprise Co.
(Mphasis Ltd.)
Provides software and information technology
consulting services
Provides investment and fund management
services
Hindalco Industries Ltd. (Aditya
Birla Minerals Ltd.)
Explores and mines copper metal Explores, produces, develops, supplies and
markets minerals and metals
Hwang Capital (Malaysia) Bhd. Operates as an investment holding company
with interest in properties investment, money
lending, credit financing, and share financing
Private group led by Hwang Lip Teik and
Hwang Enterprises Sdn Bhd
iDreamSky Technology Ltd. Develops mobile games Private group led by Michael Xiangyu Chen
Imperial dd Owns and operates hotels A private group led by Valamar Riviera dd
and Allianz ZB doo with an interest in
traveling
Industria Textil Piura SA Manufactures, sells and exports cotton textiles Operates as an investment holding company
InnVest Real Estate Investment
Trust
Real Estate Investment Trust/REIT Manages hotels and real estate properties
ISARIA Wohnbau AG Engages in the project development for
residential real estate
Provides investment advice
Land & Leisure A/S Provides real estate services Publishes newspaper and magazines
Lentex SA (Novita SA) Engages in manufacturing and sales of
nonwovens
Manufactures floor coverings, nonwoven
furniture and fabrics
Mareterram Ltd. Operates agribusiness with commercial
fishing and food distribution
Operates as an investment holding company
with interest in consumer goods and financial
services
Meda AB Supplies pharmaceuticals and medical
products
Manufactures pharmaceuticals
Medtech SAS Designs, develops and markets a new
generation of robotic assistance for the
express purpose of improved medical surgical
technique
Manufactures and distributes orthopedic
reconstructive implants
Migao Corp. Engages in the production and sale of
specialty potash fertilizers
Owns and operated by Liu Guocai
Mols-Linien A/S Engages in the operations of ferries which
includes vehicles and passengers
transportation services
Acts as an alternative investment manager
Neptune Orient Lines Ltd. Operates as an investment holding company,
which provides shipping and transportation
services
Provides cargo transportation services
Norway Seafoods Group AS Provides seafood Produces fish meal and fish oil
Orolia SA Provides high-precision electronics equipment Alternative investment management
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Target Name Target Business Description Acquirer Business Description
Ovivo, Inc. Provides waste water treatment solutions Operates as an investment holding company
Prism Medical Ltd. Operates as a provider of durable medical
equipment and related services to the mobility
disadvantaged
Supplies technical aids for mobility
challenged individuals
Qihoo 360 Technology Co., Ltd. Provides search engine solutions through
Internet and mobile platforms
A private group led Mr. Hongyi Zhou, CITIC
Securities Co Ltd, Golden Brick Capital
Private Equity Fund I LP, China Renaissance
Holdings Ltd and Sequoia Capital China I LP
QTC Energy PCL Manufactures transformers A private group led by Mr. Sathit
Limpongpan, Mr. Chanthanome Phommany
and Mr. Thatnakhone Thammavong
Raimount Energy, Inc. Operates as a natural resource exploration
company
Explores for oil and natural gas
Rock Energy, Inc. Explores and develops crude oil and natural
gas resources
Operates as a junior oil and gas producer
RR Media Ltd. Provides television broadcasting and satellite
telecommunicating services
Provides satellite-based data transmission and
ancillary services
Saft Groupe SA Designs and manufactures technology
batteries for industrial and defense
applications
Explores, develops, produces and markets oil
and gas products
Sala House Co., Ltd. Engages in housing related business Operates as a holding company which
provides energy distribution and engineering
works through its subsidiaries
Select Group Ltd. Operates as an investment holding company,
which provides catering and food
management services
Operates as an holding company
Shun Cheong Holdings Ltd. Operates as an investment holding company
with interest in hotel and restaurant business
Operates as holding company
SMART Technologies, Inc. Designs, develops and sells interactive
technology products and solutions
Manufactures nanotechnology, heat transfer,
wireless connectivity and material sciences
Société des Produits Marnier
Lapostolle SA
Manufactures and distributes alcohol and
cocktails
Produces and distributes alcoholic beverages
Striker Exploration Corp. Engages in exploration and development of oil
and gas properties
Engages in the acquisition, exploitation, and
production of oil and gas properties
Superglass Holdings PLC Engages in the manufacturing and sale of
insulation materials
Operates as an investment holdings company
Sweett Group PLC Provides construction and property consulting
services
Provides management consultancy services
Takson Holdings Ltd. Operates as an investment holding company Operates as an investment holding company
TNT Express NV Provides parcel and freight courier services Provides a broad portfolio of transportation, e-
commerce and business services under the
FedEx brand
Top REIT, Inc. Real Estate Investment Trust/REIT Invests in real estate
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Target Name Target Business Description Acquirer Business Description
Toyo Seikan Group Holdings Ltd.
(Malaysia Packaging Industry
Bhd.)
Manufactures printed and laminated light
packaging materials
Manufactures and sells liquid and viscosity
automatic packaging films
U Banquet Group Holding Ltd. Engages in the operation of a chain of Chinese
restaurants and provision of wedding services
Private group led by Mr. Sang, Mr. Xu and
Mr. Cui
UNY Group Holdings Co., Ltd. Operates a chain of supermarkets and
convenience stores
Operates a chain of convenience stores
USG People NV Provides flexible employment, education and
training services
Engages in the business of recruitment
services
Vivoline Medical AB Manufactures medical equipment Is a medical technology company
Wema Bank PLC (Great Nigerian
Insurance PLC)
Provides general insurance services Provides insurance services
Wincor Nixdorf AG Provides information technology solutions and
services for retail banks and retail industry
Develops automatic teller machines and
transaction systems software solutions and
provides integrated security services
Wireless Group PLC Provides radio and news media broadcasting
services
Provides publishing services
Wong Engineering Corp. Bhd. Manufactures and sales of high-precision
metal stamped parts and turned metal
components
A private group led by Ong Yoong Nyock,
TNTT Realty Sdn Bhd, Yong Kwee Lian,
Yong Loy Huat, and Low Ah Lin
Yageo Corp. (Luminous Town
Electric Co., Ltd.)
Engages in electrolysis capacitor production
and trading
Operates as an investment holding company,
which manufactures and markets electronic
components
Yoho Resources, Inc. Engages in exploration and extraction of oil
and gas
Provides investment advice
Yuhua Energy Holdings Ltd. Operates as an investment holding company,
which manufactures electro-acoustic
peripherals
Private group led by Lin Caihuo
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Standard Industrial Classification (SIC) Summary
01-09 Agriculture and Forestry
10-14 Mining
10 Metal mining
12 Coal mining
13 Oil and gas extraction
14 Mining and quarrying of nonmetallic minerals, except fuels
15-17 Construction
15 Building construction
16 Heavy construction
17 Construction – special trade contractors
20-39 Manufacturing
20 Food and kindred products
21 Tobacco products
22 Textile mill products
23 Apparel
24-26 Lumber, furniture and paper
27 Printing, publishing and allied industries
28 Chemicals and allied products
29 Petroleum refining
30 Rubber and miscellaneous plastics products
31 Leather and leather products
32-33 Stone, concrete products and primary metals
34-35 Fabricated metal products, industrial machinery and computers
36 Electrical and electronic machinery and equipment
37 Transportation equipment
38 Controlling instruments; photographic, medical and optical goods; and clocks
39 Miscellaneous manufacturing
40-47 Transportation
40 Railroad transportation
41 Local and suburban transit
42 Motor freight transportation
43 U.S. Postal Service
44 Water transportation
45 Air transportation
46 Pipelines
47 Transportation services
48 Communications
49 Electric, Gas, and Sanitary Services
50-51 Wholesale Trade
50 Durable goods
51 Nondurable goods
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52-59 Retail Trade
52 Building materials and mobile home dealers
53 General merchandise stores
54 Food stores
55 Automotive dealers and gasoline service stations
56 Apparel stores
57 Furniture and equipment stores
58 Eating and drinking places
59 Miscellaneous retail
60-67 Finance, Insurance, and Real Estate
60-61 Banking and credit agencies
62 Security and commodity brokers and related services
63-64 Insurance companies and agents
65 Real estate
67 Holding companies and other investment offices
70-99 Services and Other
70 Hotels and lodging places
72 Personal services
73-78 Business services
79 Amusement and recreation services
80-82 Health services
83-84 Social services, museums and zoos
86 Membership organizations
87 Engineering, accounting, research and management
88-89 Private households and miscellaneous services
99 Nonclassifiable establishments
Mergerstat Control Premium Study
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Description of Terms
Consideration Codes C = Cash
D = Debt
L = Liabilities
S = Stock
X = Other (warrants, contingent payments, etc.)
Control Premium Mergerstat’s control premium is computed by comparing the per share total
consideration price for one share of the target company’s common stock to the
Mergerstat unaffected price. This pre-announcement price is selected by
Mergerstat and based on volume and price fluctuations during the period prior
to the acquisition announcement.
Guidelines for control premium calculation:
Determination of announcement data
Price and volume retrieval prior to announcement date
Analysis of data for significant fluctuations in price and volume
Selection of a price just prior to this point of change in representative
normal pricing activity
If no significant price and volume fluctuations occur, selection of the price
one day prior to the announcement date
Determination of the final price that the acquirer offers, per share, to
purchase the target company's common stock, per terms of a tender offer
Computation of the control premium using the following equation:
Purchase Price - Mergerstat Unaffected Price
Mergerstat Unaffected Price
Mergerstat Unaffected Price Target company’s common stock price per share unaffected by the acquisition
announcement. Selected by Mergerstat after analyzing each transaction (see
Transaction Information).
Percentage Common Held After Percent of the target company’s common shares held by the acquiring company
following the transaction.
Minority Discount Formula 1-(1/(1+Control Premium))
Percentage Common Previously Held Percent of the target company’s common shares owned by the acquiring
company prior to the transaction.
Premium 1 Day Premium computed by comparing the price ultimately paid to the common stock
price one day prior to the announcement date.
Premium 1 Week Premium computed by comparing the price ultimately paid to the common stock
price one week prior to the announcement date.
Premium 1 Month Premium computed by comparing the price ultimately paid to the common stock
price one month prior to the announcement date.
Premium 2 Months Premium computed by comparing the price ultimately paid to the common stock
price two months prior to the announcement date.
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Price 1 Day Target company’s common stock price per share one day prior to the acquisition
announcement date.
Price 1 Week Target company’s common stock price per share one week prior to the
acquisition announcement date.
Price 1 Month Target company’s common stock price per share one month prior to the
acquisition announcement date.
Price 2 Months Target company’s common stock price per share two months prior to the
acquisition announcement date.
Purchase Price Per Share The total consideration paid per share for the target company’s shares.
Target Book Value Target company’s book value, sometimes referred to as shareholder’s equity or
net tangible assets, is based on the latest reported period prior to the
transaction’s announcement date. Book value is reported in millions and
rounded.
Target EBIT Target company’s earnings before interest and taxes (“EBIT”) based on the
latest reported 12-month period prior to the transaction’s announcement date.
EBIT is reported in millions of dollars and rounded.
Target EBITDA Target company’s earnings before interest, taxes, depreciation and amortization
(“EBITDA”) based on the latest reported 12-month period prior to the
transaction’s announcement date. EBITDA is reported in millions of dollars and
rounded.
Target Income Target company’s net income (loss), excluding extraordinary items, based on
the latest reported 12-month period prior to the transaction’s announcement
date. Income is reported in millions of dollars and rounded.
Target Market Value of Equity Target market value of equity based on the purchase price per share times total
shares outstanding reported in the period prior to the transaction’s
announcement date. Market value of equity is reported in millions of dollars and
rounded.
Target Price/Book Value Ratio Purchase price-to-book value ratio for the target company based on the implied
market value of equity divided by book value of the target company.
Target Price/Earnings Ratio Purchase price-to-earnings ratio for the target company based on the implied
market value of equity divided by the latest reported 12-month net income prior
to the announcement date.
Target Price/Sales Ratio Purchase price-to-sales ratio for the target company based on the implied market
value equity divided by the latest reported 12-month sales prior to the
announcement date.
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Target Sales Target company’s sales based on the latest reported 12-month period prior to
the transaction’s announcement date. Sales are reported in millions of dollars
and rounded.
Target TIC Target company’s implied total invested capital (“TIC”) based on the sum of
implied market value of equity plus the face value of total interest bearing debt
and the book value of preferred stock outstanding prior to the announcement
date.
Target TIC/EBIT Ratio Target TIC-to-EBIT ratio based on the target TIC divided by the latest reported
12-month earnings before interest and taxes prior to the announcement date.
Target TIC/EBITDA Ratio Target TIC-to-EBITDA ratio based on the target TIC divided by the latest
reported 12-month earnings before interest, taxes, depreciation and amortization
prior to the announcement date.
Total Deal Value The aggregate purchase price given to shareholders of the target company’s
common stock by the acquiring company. Shown in millions of dollars and
rounded.