1、April 20252024 TransactionTermination Fee Study0102032024 Transaction Termination FeeStudy Summary2024 Transaction Termination Fee Detail2024 Reverse Transaction Termination Fee Detail0405About Houlihan LokeyDisclaimerTable of Contents2024 Transaction Termination FeeStudy SummaryIntroduction4Our stu

2、dy focuses on termination fees as a percentage of both“transaction value”and“enterprise value.”Transaction value is the total value of consideration paid by an acquirer,including total rights,warrants,options,net assumed liabilities,cash,and short-term investments,but excluding fees and expenses.Ent

3、erprise value is defined as the number of shares outstanding multiplied by the per-share offer price plus the cost to acquire convertible securities,debt,and preferred equity minus cash and marketable securities.We conducted our search using data from LSEG(formerly Refinitiv)and S&P Capital IQ and a

4、pplied the following screening criteria:Target company is a U.S.public company.Transaction announcement date is between January 1,2024,and December 31,2024.Transaction value is greater than$50 million.Transaction type comprises:Acquisitions of full or majority interest.Leveraged buyouts.Tender offer

5、s(bankruptcy,divestiture,and spinoff transactions are excluded).Deal status is closed,pending,or withdrawn.Termination fee is disclosed.For the 2024 Study,123 transactions met these criteria;we have analyzed these transactions in terms of transaction and enterprise values.Houlihan Lokeys 2024 Transa

6、ction Termination Fee Study(the“2024 Study”)employs search and screening criteria similar to those used in previous studies.We applied these criteria to the universe of announced transactions from 2020 through 2024 to provide a basis for comparison.Definition of Key Items in the Study5We used the fo