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1、A PR IL 20232022 Transaction Termination Fee StudyTable of Contents2Page1.2022 Transaction Termination Fee Study Summary32.2022 Transaction Termination Fee Detail233.2022 Reverse Transaction Termination Fee Detail314.About Houlihan Lokey365.Disclaimer402022 Transaction Termination Fee Study SummaryI

2、ntroductionHoulihan Lokeys 2022 Transaction Termination Fee Study(2022 Study)employs search and screening criteria similar to those used in previous studies.We applied these criteria to the universe of announced transactions from 2018 through 2022 to provide a basis for comparison.Our study focuses

3、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,and net assumed liabilities,cash,and short-term investments,but excluding fees and expenses.Enterprise

4、 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 Refinitiv and S&P Capital IQ and applied the following

5、screening criteria:Target company is a U.S.public company.Transaction announcement date is between January 1,2022,and December 31,2022.Transaction value is greater than$50 million.Transaction type comprises:Acquisitions of full or majority interest.Leveraged buyouts.Tender offers(bankruptcy,divestit

6、ure,and spinoff transactions are excluded).Deal status is closed,pending,or withdrawn.Termination fee is disclosed.For the 2022 Study,140 transactions met these criteria;we have analyzed these transactions in terms of transaction and enterprise values.4Transaction Termination FeesGiven the time and