1、May 20252024 Going Private Transaction Study01020304Study OverviewSelected Market ObservationsStudy ResultsAppendices Transaction Details 2023 Going Private Transaction Study Summary Introduction to Houlihan Lokey Selected Professional Biographies DisclaimerTable of ContentsStudy OverviewIntroductio

2、n4In the 2024 Going Private Transaction Study(the“Study”),we have summarizedand analyzed 36 going private transactions announced in the calendar yearended December 31,2024.As of the date of this Study,29 of the going private transactions have closed,and seven are pending closing.For purposes of this

3、 Study,a target company is generally considered to have“gone private”if its pre-transaction publicly traded shares were purchased by a privately held financial sponsor,investment company,or similar entity(generically referred to as a“financial buyer”),typically in a leveraged buyout transaction.Spec

4、ifically,this Study analyzes the following items for each of the 36 transactions:Transaction background,focusing on management,stockholders,and board involvement;Transaction valuation(including transaction multiples and acquisition premiums);Deal protection measures and fiduciary provisions;Transact

5、ion structure and financing;and Termination provisions.The Study was authored by Richard De Rose,Matt Kavney,and Gretta Conrath of Houlihan Lokey.If you have any questions or comments,please contact Mr.De Rose at+1 212.497.7867,Mr.Kavney at+1 404.495.7030,or Ms.Conrath at+1 312.462.6407.We would als

6、o like to recognize contributions from Neha Shah,Kobby Quayenortey,and Kyle Poorman of Houlihan Lokeys New York office in preparation of the Study.Definition of Key Items in the Study5We used the following methodology to analyze each of the transactions:Transaction ValueWe calculated transaction val