Barnes & Noble Inc. to Elliott Management Advisors

General Retail/Jun 2019/Evercore, Guggenheim

Deal Information

Target

Barnes & Noble Inc.

Acquiror

Elliott Management Advisors

Sector

General Retail

Target Type

Public

Acquiror Type

Financial

Advisors

Evercore, Guggenheim

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

5.7x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM EBITDA selected range: 3.5x - 5.5x

8 comps


Aug 2017	Student Brands	Barnes & Noble Education	-	-	5.9x	-
Jun 2017	Staples, Inc.	Sycamore Partners	-	-	5.2x	-
Feb 2017	MBS Textbook Exchange, LLC	Barnes & Noble Education	-	-	3.2x	-
Jul 2017	Outerwall Inc.	Apollo Global Management	-	-	3.6x	-
Jul 2015	Books-A-Million, Inc. Evercore determined that the TEV to LTM EBIT multiple of certain selected public companies were not meaningful and noted as NM.	Take Private	-	-	3.2x	-
Jun 2015	Nebraska Book Co.	Follett Corporation	-	-	5.1x	-
Feb 2013	Office Max Inc.	Office Depot, Inc.	-	-	6.7x	-
Aug 2009	Barnes & Noble College Booksellers	Barnes & Noble, Inc.	-	-	5.2x	-
	Mean			-	4.8x	-
	Median			-	5.2x	-