Electrical Equipment Company Encore Wire Gets Wired For Takeover In €3.9B Deal
Electrical Equipment Company Encore Wire Gets Wired For Takeover In €3.9B Deal
As per the terms, Encore may solicit alternative acquisition proposals from third parties during a 35-day "go-shop" period following the date of execution of the merger agreement. Encore Wire Corporation (NASDAQ:WIRE) inked a definitive deal to be acquired by Prysmian S.P.A. (OTC:PRYMF) for $290.00 per share in cash.
Encore Wire Corporation（纳斯达克股票代码：WIRE）签署了一项最终协议，将由普睿司曼股份公司（场外交易代码：PRYMF）以每股290.00美元的现金收购。
The transaction price represents a premium of around 20% to the 30-day volume weighted average share price (VWAP) as of Friday, April 12, 2024, and about 29% to the 90-day VWAP as of the same date. It represents a premium of over 11% to Friday's closing price of $260.98.
截至2024年4月12日星期五，该交易价格比30天成交量加权平均股价（VWAP）高出约20％，比截至同日的90天交易量加权平均股价（VWAP）高出约29％。与周五收盘价260.98美元相比，溢价超过11％。
Encore's implied Enterprise Value (EV) of around €3.9 billion represents a multiple of 8.2x EV/2023A EBITDA and 6.3x EV/2023A EBITDA, including run-rate synergies.
Encore的隐含企业价值（EV）约为39亿欧元，相当于8.2倍的EV/2023A息税折旧摊销前利润和6.3倍的EV/2023A息税折旧摊销前利润，包括运行率协同效应。
As per the terms, Encore may solicit alternative acquisition proposals from third parties during a 35-day "go-shop" period following the date of execution of the merger agreement.
根据条款，Encore可以在合并协议执行之日后的35天的 “上市” 期内向第三方征求替代收购提案。
Prysmian expects the acquisition to generate ~€140 million in run-rate EBITDA synergies, projected within four years from closing.
普睿司曼预计，此次收购将在完成后的四年内产生约1.4亿欧元的息税折旧摊销前利润协同效应。
The transaction is expected to close in the second half of 2024, subject to regulatory approvals, and other customary closing conditions.
该交易预计将于2024年下半年完成，但须获得监管部门的批准和其他惯例成交条件。
Based on pro forma aggregated results for the twelve months ended December 2023, the combined company would have posted net sales of over €17.7 billion and adjusted EBITDA of about €2.1 billion.
根据截至2023年12月的十二个月的预计汇总业绩，合并后的公司净销售额将超过177亿欧元，调整后的息税折旧摊销前利润约为21亿欧元。
Daniel L. Jones, Encore Wire's Chairman, President and CEO, said, "This transaction maximizes value for Encore Wire shareholders and provides an attractive premium for their shares. Encore Wire and Prysmian are two highly complementary organizations, and we anticipate a bright future for Encore Wire as part of Prysmian."
Encore Wire董事长、总裁兼首席执行官丹尼尔·琼斯表示：“该交易为Encore Wire股东实现了价值最大化，并为他们的股票提供了诱人的溢价。Encore Wire和普睿司曼是两个高度互补的组织，我们预计作为普睿司曼一部分的Encore Wire的前景光明。”
Massimo Battaini, Prysmian designated Group CEO, commented, "Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers. We look forward to welcoming the Encore Wire team to Prysmian and benefitting from the combined company's enhanced product offerings and customer relationships."
普睿司曼指定的集团首席执行官Massimo Battaini评论说：“通过此次收购，普睿司曼将扩大其在北美的业务，增强其投资组合和地域结构，同时显著增加长期增长驱动力的曝光度。我们期待着欢迎Encore Wire团队加入普睿司曼，并从合并后的公司增强的产品供应和客户关系中受益。”
Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and The Acquirers Fund (NYSE:ZIG).
投资者可以通过Advisor Managed Portfolios Miller Value Partners增值ETF（纽约证券交易所代码：MVPA）和收购者基金（纽约证券交易所代码：ZIG）获得股票敞口。
Price Action: WIRE shares traded higher by 8.43% at $282.99 premarket Monday.
价格走势：周一盘前WIRE股价上涨8.43％，至282.99美元。
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